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September E-mini NASDAQ-100 Index futures are trading flat this morning. Traders are waiting for a few key economic reports before making their trading decisions for the day. The key report for the day is retail sales. Economists are looking for an increase of 0.5%. Taking out autos, the increase is only 0.3%. This report is important because the Fed will use this information at next week’s meeting to help make its decision to begin tapering monetary stimulus. Currently, the market is looking for the Fed to begin reducing stimulus by $10 to $20 billion per month.
Daily September E-mini NASDAQ-100 IndexTraders will also get the opportunity to react to the latest Producer Price Index, consumer sentiment and business inventories. Syria is still an issue, but the news has been scare. Headline news regarding the talks between Russia, the U.S. and Syria regarding the scraping of chemical weapons could cause some volatility.
After the initial reaction today, the market may settle into a range ahead of next week’s Fed meeting on September 17 and 18.
Technically, the main trend is up. Although the market has traded sideways for a few days, it is still in a position to take out the recent top at 3189.25. On the downside, there is room to break into an uptrending Gann angle at 3148.50.
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