With all the econ-data we could easily swing +/- 0.5% or so before we finally open.
sp'60min
sp'daily5
Summary
Even though we do have a lot of econ-data, the market will most definitely be focused on the FOMC meeting which begins today - the announcement is tomorrow (2.15pm EST). So there will be more talk on the clown networks about the 'coming QE' and how the Bernanke will prevent the market from losing any of its recent gains.
There is also the ECB on Thursday, and we have another lousy jobs number to look forward to on Friday.
Today is the last trading day of July, which as I noted last night, is without question a disappointing month for the bears. Perhaps today, we can at least close moderately lower.
The critical 1325 level looks an awfully long way down right now for the bears, it sure won't be easy getting down that far.
*look to the Chicago PMI @9.45am to get the market motivated..one way or the other. Considering the wider economy in late Q2, this number could really suck, so it is possible we'll be down 1% by mid-morning.
Good wishes for Tuesday trading!