FOMC begins today. A market pivot may occur at 10 AM with the Existing Home Sales data. WAG earnings disappointed folks, actually the riff between them and Express Scripts. JBL will be a big bellwether for tech today. JEF, BKS and ADBE important as well.
Markets are in limbo due to Greece and Europe concerns. Yesterday was a low volume sideways slop kind of day. Watch for any retail data since one way the bulls can get a sustained rally is to have the RTH move up.
Retail, copper and volatility require close watching today for hints on market direction. All three are bearish but moves towards bullishness will verify further strength, or weakness, in the broad markets.
Key item is the NYA 40 week MA cross. NYA price remains under the 40 week MA indicating months of bearishness ahead, but price is only a few bucks under the MA, so watch this closely, if NYA moves above the 40 week MA this morning, the bulls are going to rock for a few extra days. If NYA stays under, then a short-the-rally mode is best.
For today for the SPX, the bulls only need to push two points higher to get an extended party going and it looks like they will receive that judging by the futures. Resistance is at 1282, 1286, 1289 and 1293. Market bears need to push 11 points lower to the 1268 level, otherwise, they got nothing today.
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