Market digests yesterday’s move
The Market:
In Economic news, Unemployment Claims came in at 311K which is better than the 326K estimate. GDP came in a hair light at 2.6% vs 2.7% est. and Pending Home Sales missed big posting a -0.8% vs a 0.1% est. while the previous number was revised lower. Tomorrow’s data is not as critical as today’s but we do have multiple events including Consumer Confidence.
In early trading the emini reached 1835ES and twice found support there before managing to rally roughly 9 points off the lows to the close. All in all it was a relatively flat day as the market digested yesterday’s strong move lower. In the S&P 500 emini we are watching resistance at 1845-50ES and then the frequently mentioned 1856ES level. 1835ES is currently support and if lost the next key level to watch will be the 1827ES region.
Reporting EPS 3/5/14 Pre-Market: