Technical Update

What’s in Today’s Report:

  • Technical Update – What The Charts Are Saying About This Market

Futures are moderately lower following more disappointing European economic data.

EU flash PMIs were a disappointment again, as the composite EU PMI fell to 51.3 vs. (E) 51.4.  Manufacturing was especially bad as the EU flash manufacturing PMI dropped to 47.6 vs. (E) 49.5, a five year low.

Today the highlight will be the Flash Composite PMI (E: 55.2).  That number was always going to be important, but it’s even more important now following the disappointing EU economic data, as markets will need more proof the U.S. can withstand failing global growth to continue this rally.  Other events today include  Existing Home Sales (E: 5.080M), Wholesale Trade (E: 0.1%) and Fed speaker  Bostic (9:30 p.m. ET) but none of those should move markets.