Futures are down slightly this morning, closely tracking the performance in Europe. Financials are laggards over there but are only down slightly here as we begin a week light on economic data. Wendesday will reveal the FOMC minutes and we will get Durable Goods orders on Friday but there are few earnings on deck for the week.
On Friday we closed above the 1415 level and are just shy of the 1422 highs from late March. With no other resistance on the horizon, daily levels become important but with such light volume on this latest push up, it is difficult to determine the strength of the rally. The nearly three month rally is at the top of its channel and looks quite similar to the first three months of 2012, only with a lower slope:
Mon, August 20, 2012
by David Boland