Meanwhile, investors should keep an eye on the major Dollar crosses to monitor whether they can stabilize and recover from today's setback. However, if the Dollar strengthens further and gold follows suit, this could imply additional weakness in the S&P futures due to correlative pressures. Speaking of which, the EUR/USD should be active on Monday with a set of EU Flash PMI data points hitting the news wires. ECB President Trichet's press conference had a more aggressive hawk tone today, hinting that Monday's PMI data could print strong. In addition to the PMI data the U.S. will also release Existing Home Sales. The U.S. housing market has been worrying investors as of late, so Monday's release could have a greater impact than usual. Activity should pick up on Tuesday U.S. Prelim GDP, CB Consumer Confidence, and Fed Meeting Minutes along with a host of EU and British events. Therefore, it may not be too long until investors figure out whether the S&P futures can sustain 1100 over the near-term, or whether we witness a more protracted pullback in the markets.
Resistances: 1095, 1099.75, 1107, 1112
Supports: 1082.5, 1076, 1070.25, 1061.75, 1052.25
Psychological: 1100, Previous 2009 Highs, 1075, 1050