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.
Equities continued higher this session before retreating as the S&P reached a high of 1667 against our major target of 1666. Investors felt more comfortable with the likeliness of the Fed's backstop remaining in place.
The SEP13 E-mini S&P 500 has taken a significant (relative to recent movement) drop today on a much better than expected jobless claims number. We believe there are additional factors that are causing this drop.