The DEC13 Mini Dow Jones futures are down 84 ticks to 14767, extremely close to our first target and key support level of 14750. If the market does not see a shutdown resolution today, we could be in for more downside action this week.
The S&P reached a low of 1684.50 yesterday, covering the gap open from Sunday, Sept. 15 when the news that Summers’ had withdrawn his name was digested. Only a close above 1698.50 will signal a bull leg to retest the highs.
Due for a "technical correction," U.S. equities remained in a small range overnight hugging unchanged. European stocks as well as the Nikkei have fallen back this session after disappointing data across the board.