Before the Open (Mar 10)

Good morning. Happy Wednesday.

The Asian/Pacific markets closed mostly up, but gains were small. Europe is currently up across the board, but gains are small there too. Futures here in the States are flat.

After a day off Monday, the market woke up yesterday, but the net change for the week is very small. The S&P entered the week in no-man’s land, and it remains there. Here’s the 30-min chart. Resistance is up at 1150 and support in the mid 1120’s. With yesterday’s close at 1140, we’re close to the middle – hence no-man’s land and hence why I was neutral on a very short term basis heading into yesterday.

Backing up, here’s the weekly…several months of consolidation within an uptrend. If I could tell the market what to do, I’d tell it to pull back to 1100 before attempting another rally.

Zooming back in with the 5-min SPY chart. Let’s remember Friday’s gap remains unfilled.

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today’s upgrades/downgrades

this week’s Earnings Reports

this week’s Economic Numbers