Your MUST-READ Morning Stock Futures Cheat Sheet: PIIGS in a blanket

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The Precise Take – PIIGS in a blanket

Big Picture Analysis:  Yesterday, it looked as though US equities might begin the next leg down, but a paint the tape close reigned in the shorts for the time being.  Although the bear flag that has set up on the S&P 500 was broken, incorporating the overnight low from August 8 in the ES, the trend channel has still technically held, as it has in the cash Nasdaq 100 and Russell 2000.  Focus today will remain on the evolving EuroZone situation, but will return to the US tomorrow and Thursday with some top tier reports that could have FOMC ramifications.  Major support comes in at just above ~1130 and major resistance around ~1180.   Bulls retain a short term edge, but bears remain ready to pounce on any weakness.  In short, this remains an event-driven market that has yet to show its hand.

Trading Today:   Below are marked the support and resistance areas.

Today’s  Scheduled News (all times EDT)

Major Market Movers

Minor Market Movers
10 Yr Note Auction at 1:00 pm
Treasury Budget at 2:00 pm

Tomorrow’s Scheduled News

Major Market Movers
PPI at 8:30 am
Retail Sales at 8:30 am

Minor Market Movers
Business Inventories at 10:00 am
EIA Petroleum Stats at 10:30 am
30 Yr Bond Auction at 1:00 pm

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