Pre-market update (updated 8:30am eastern):
European markets are trading 0.3% higher.
Asian markets traded 0.5% higher..
US futures are trading slightly higher ahead of the opening bell..
Economic reports due out (all times are eastern): MBA Purchase Applications (7am), EIA Petroleum Status Report (10:30am)
Technical Outlook (SPX):
Nice morning sell-off yesterday followed by a respectable recovery wiping out half the losses before the close.
Yesteday's sell-off continued a two-day pullback.
Overall the pullback looks very orderly, and when you have the kind of afternoon rally we saw yesterday, it's a good sign that we aren't facing any kind of market top here.
Volume was on par with recent levels
Market remains overbought on nearly every time frame.
Notice the channel that we are currently trading in off of the November lows, and how r...
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