Another positive U.S. Existing Home Sales release is appeasing investors after Friday's retracement below 1100. In addition to the positive Existing Home Sales number, investors are reacting favorable to another wave of encouraging EU Flash PMI data points. Furthermore, Fed members continue to support the anticipation that the central bank is not likely to raise rate until well into 2010. Such a loose monetary policy is favorable for corporate performance due to the abundance of cheap cash. As a result, investors are shrugging off last week's wave of sluggish econ data, and are opting to focus on a weakening Dollar along with another surge in gold.

The Dollar is experiencing broad-based weakness today as gold charges higher towards $1075/oz. The Fed's incessant dovish monetary policy is encouraging investors to disfavor the Dollar and divest their money into various safe havens, such as gold. A weaker Dollar also benefits U.S. corporate performance since it makes U.S. goods more attractive to foreign demand, thereby boosting exports and decreasing America's trade deficit. That being said, investors are highly anticipating tomorrow's Prelim GDP release. Analysts are expecting GDP growth of 2.9%. A reading above or below this figure could prove to be a market mover. In addition to Prelim GDP, investors will receive CB Consumer Confidence data along with the S&P/CS HPI number. Furthermore, the EU and Britain will release their own host of econ data. As a result, we could be in for an active trading session tomorrow considering the combination of events.

Technically speaking, the S&P futures presently have limited near-term topside technical barriers in the form of previous 2009 highs. As for the downside, there are potentially multiple uptrend lines we can form to serve as technical cushions along with 11/20, 11/13, and 11/6 lows. Meanwhile, the highly psychological 1100 level could continue to play a factor unless tomorrow's wave of econ data dislodges the S&P futures from 1100's gravitational pull.

Price: 1108

Resistances: 1107, 1112

Supports: 1098, 1090.25, 1082.5, 1072.5, 1066, 1061.75

Psychological: 1100, Previous 2009 Highs, 1075

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