E-Mini S&P 500 Futures
After the previous 5 down days, we could be oversold here and due for a technical bounce. The primary catalysts this morning include the Durable Goods Orders at 7:30 AM (CT) and New Home Sales at 9:00 AM (CT). After yesterday's weak Existing Home Sales #, a weak New Home Sales # may be priced in. Given the weak tape, we can easily test the 1038-1040 Area, but I anticipate Responsive Buyers to be active there on first touch, as well as on any probes below 1038 to 1034 and 1029.50-1031.50. 1038-1040 is a Strong Area of Support, so a break below that could result in some quick liquidation. I will be looking for Responsive Buying opportunities at those Support Levels though, and I anticipate 1038-1040 to hold on first touch. The Bull/Bear Line in Sand to establish intraday bias is at 1051. On the upside, a break above 1065.50 would be a red flag for Sellers, and a break above 1074 could shift control back to the Buyers.
Econ Data
MBA Purchase Applications at 6:00 AM (CT), Durable Goods Orders at 7:30 AM (CT), New Home Sales and FHFA House Price Index at 9:00 AM (CT), EIA Petroleum Status Report at 9:30 AM (CT), and 5-Yr Note Auction at 12:00 PM (CT)
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
