•Asian markets traded 0.2% higher. •European markets are trading flat.
•US futures are trading 0.1% lower ahead of the market open.
Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45), Redbook (8:55), FHFA House Price INdex (9), S&P Case-Shiller HPI (9), New Home Sales (10), Consumer Confidence (10), Richmond Fed Manufacturing Index (10)
Technical Outlook (SPX):•SPX saw its first day in the red in seven sessions. •One to two more days of additional selling here would not at all be surprising. •The price action is setting up in a very similar fashion to what we saw earlier this month during the 3 days of selling. •Volume was very light yesterday, and little to no conviction seen out of bulls. I don't expect that to change. •No real, bearish news drivers out there that threatens to drive this market lower. •VIX continued to pop higher for a third straight day to 10.98.•Lots of distribution showing up on the SPX 30-minute chart. •It has been over two months since SPX saw a move of more than 1% (4/16/14).•If the market is inclined to pullback here, a hold of 1925 is essential for the bulls. Otherwise it will be creating a short-term lower-low. •SPX testing the long-term upper channel on the weekly chart dating back to the highs of 4/2012 and connects all the subsequent highs. •SPX back in overbought territory. •The rising trend-line off of
•Closed out IR at