Once again, I want to point out the fact that we have a slew of potentially market moving economic released scheduled to be released before & shortly after the market opens tomorrow starting with Jobless Claims, Producer Price Index, Retail Sales & the Philadelphia Fed Business Outlook Survey at 8:30am ET followed by Industrial Production at 9:15am ET.
Other than the CPI on Friday morning & Housing Starts on Tuesday morning, the economic data due out tomorrow morning will be the last of the big releases before FOMC announcement next Wednesday & with the Fed officials in black-0ut mode up until the announcement & comments are made on Wednesday afternoon, the market is likely to react, positively or negatively, to any significant beats or misses on these reports. Personally, I don't plan to make any changes in my positioning today as we are likely to see a lot of "noise" in the market over the next two days with the heavy economic calendar plus the fact that Friday is also quadruple witching.
Risk-averse traders (if that's not an oxymoron) might consider holding off on establishing any new positions as well as lighting up or taking partial hedges for the remainder of the week & throughout the first half of next week until the dust has settled from follow the FOMC announcement on Wednesday afternoon. Should any technical significant developments occur over the next two days, I will share them along with my thoughts.