Meanwhile, the U.S. will be relatively quiet on the data front following a busy week. Investors won't receive much from the U.S. until Thursday's weekly Unemployment Claims data. Hence, the S&P's immediate-term performance may become increasingly reliant upon movements in the Dollar. Since the U.S. will be taking a timeout from data, focus will shift to the Far East. China will be printing a wave of data late Tuesday EST, including Industrial Production, CPI, PPI, and Fixed Asset Investment. Any outperformance in China's econ data could help fuel a S&P retest of 1100.
Technically speaking, although the S&P futures have darted beyond our downtrend line, they still have to deal with previous 2009 highs and the psychological 1100 level. Therefore, a couple key topside technicals do remain before the S&P has the opportunity to experience a more protracted breakout. As for the downside, the S&P futures have multiple uptrend lines service as technical cushions now along with 11/06, 11/05, and 11/03 lows. Furthermore, the psychological 1050 level should service as a reliable support should it be tested.
Resistances: 1079.5, 1083.5, 1089, 1094.5, 1098.75
Supports: 1073.25, 1063, 1056.5, 1047.5, 1043.25
Psychological: 1100, 2009 Highs, 1050