Pre-market update (updated 9am eastern):
Europe is trading in mixed fashion ranging from -0.5% up to +0.2%.
Asian markets traded 0.9% higher.
US futures are trading slightly higher.
Economic reports due out (all times are eastern): MBA Purchase Applications (7am), ICSC Goldman Store Sales (7:45am), Redbook (8:55am), S&P Case-Shiller HPI (9am), Richmond Fed Manufacturing Index (10am), State Street Investor Confidence INdex (10am)
Technical Outlook (SPX):
Minor sell-off on Friday took us below the trend-line off of the November lows.
Not a major concern at this point. More of a flattening of existing trend-line.
We did drop below the 8-day EMA but that is not a big concern since that has happened before without consequence.
I am more concerned with us staying above the 20-day moving average.
Declining, overhead resistance exists off o...