Pre-Market Brief

Good morning. Futures are a touch higher - as they have been most of the night. Retail sales, jobless, and producer prices all came in roughly inline. The $ is a touch higher. Most notable since early in the night, the metals, which are being hammered lower, Gold is -$18, Silver -80 cents.


sp'60min

sp'daily5

Summary

It will be important for the bears to put in a lower high today. Certainly, any move into the sp'1440s would be a massive problem, although I find that unlikely, now that the FOMC is out of the way.

What is clear, until we are back under the recent 1398 low, I really don't think any bear can be confident that the bounce is confirmed as over. The big 1400 is actually rather close, barely 2% away, so one major down day, and the bears will be right back.

Good wishes for Thursday trading!