There really wasn’t much in the way of market moving news. A round of selling that hadn’t shown up in the pre-market futures trading took investors by surprise. There wasn’t any follow-through to the downside, so the market bounced back to even on the day. One of the weak groups was Energy, after the API reported a surprising build in crude. However, the DOE inventory data did not confirm these numbers, and Energy stocks trimmed those losses. The Deere earnings and comments from Target suggested that the fear over the consumer may be overstated. That also aided the attempt at a rally. The S & P did push back up to 1100, but could not top the previous day’s high, resulting in some sloughing off at the close. 1100 is the start of resistance, but there are several resistance points just above this level. The 21-day moving average, which many traders use, is at 1104. The 200-day is at 1116. The S & P gapped down from 1121. Finally, the August intraday high of 1129 is the key level for the bulls. Overall, the market needs a major bullish catalyst to get through this area. I don’t think the data we have coming out is enough to provide this catalyst, unless remarkably better than anticipated. The weekly jobless claims are expected to pull back to 478k from 484k. The Philly Fed is an August number, so it may carry some weight. Keep an eye on the New Orders component. The LEI has been bouncing above and below the zero line. We need a positive number out of this index to hang in there today.