Good morning. Futures are a little lower, sp -3pts, we're set to open around the 1400 level.
*Empire manufacturing survey, -5.85 vs +7.0 consensus. Ugly !
Bears really need a close in the 1380s today. That would make for a good initial decline. Even though its opex this Friday, it looks like we'll be falling into opex, rather than trade sideways. We've been stuck in a 20pt trading range for 7 days, I can't see it lasting much longer!
So, look for a close in the 1380s, and VIX in the low 16s.
*we have industrial production and housing data to come at 9.15am and 10am respectively.
Good wishes for Wednesday trading.