Your MUST-READ Morning Stock Futures Cheat Sheet: Topping?
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The Precise Take – Topping?
Big Picture Analysis: After two down days, markets are again down overnight ahead of a European Council meeting. Should the ES decisively break 1300, we might be seeing the beginning of the first correction in some time. We’re also on alert for the pattern that emerged in late January 2010, where we had a series of large up and down days before support was finally broken. If we do enter a correction, markets should become more susceptible to headline risk, which all but disappeared in 2012 until now. In the US, ISM on Wednesday and the jobs numbers Thursday and Friday will be in focus.
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