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September E-mini S&P 500 futures are called slightly lower this morning ahead of Friday’s economic reports which include retail sales, producer prices and consumer sentiment reports. Economists are looking for a 0.5 percent increase in August retail sales, minus auto sales up only 0.3 percent.
The PPI report is expected to remain relatively flat at 0.2%. Michigan Consumer Sentiment is expected to show a slight increase to 82.6 and Business Inventories reportedly rose 0.4%.
The news that Twitter is going public could underpin the market, but the main focus for traders is likely to be next week’s Federal Reserve meeting. On September 18, the Fed is expected to announce a plan to begin reducing monthly monetary stimulus by $10 to $15 billion.
Traders are still watching the situation in Syria. Russia and the U.S. continue to negotiate the terms of a deal whereby Syria would turn over its chemical weapons to an international organization. Headline news regarding this event could move the markets.
Daily September E-mini S&P 500 IndexTechnically, the main trend is up on the daily chart. The key resistance to watch is a downtrending Gann angle at 1690.50. A breakout over this angle could trigger an acceleration to the upside.
The daily chart indicates there is room to the downside with an uptrending Gann angle at 1668.75 a possible target.
Look for volatility to increase after the retail sales report. After that the index could become rangebound as investors position themselves for next week’s Fed monetary policy statement.
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