Good morning. Futures are sp-5pts or so, we're set to open around 1351. I'd expect those declines to increase to around 7/10pts by late morning, and best guess..we close largely flat.
I'm seeking further gains tomorrow - at least briefly. Both these waves could constitute the B and C waves.
We do have econ-data this morning...
Retail Sales: -0.5% vs 0.2% previous ...lousy !
Empire Manu' survey: 7.39%...vs 2.2% previous...better, but still 'low'
I am not looking to re-short today, tomorrow seems the very earliest, and then its a little risky since upside is around 1385 by the end of the week.
From a MACD cycle perspective - see daily chart, we could easily crawl higher until Wed/Thursday before the first sign of a rollover. However, unlike some out there, I am looking for a decisive turn lower before the end of this week.
Best guess, we rally to around 1365/70...or a new high in the 1375/80 range, and still close the week around 1350.
Good wishes for the week ahead!