The S&P futures are still having a showdown with their highly psychological 1100 level despite weakness in the Euro stemming from renewed investor uncertainty. Investors are digesting the 2nd comment this week warning that German banks need more capital to shore up their balance sheets. German and Greek bond yields are climbing again and investors are snapping up gold and the yen in risk-aversion. However, the S&P futures have held up relatively well since the picture is a bit mixed. U.S. equities are still experiencing buying interest from last week's encouraging NFP report. Additionally, today's Australian employment data topped expectations, giving investors hope that economic performance in the East can help sustain the global recovery. The U.S. will entertain the data wire again today with the release of trade balance data followed by weekly unemployment claims. Should America's trade deficit widen this could place a bit of downward pressure on the S&P futures with the U.S. ratcheting up Yuan rhetoric with China. On the other hand, if unemployment claims edge lower and reflect last week's improvement in non-farm payrolls then investors could have incentive to send the S&P futures beyond previous September highs. However, if unemployment claims head back towards 500k the S&P futures will have a hard time leaving behind their highly psychological 1100 over the near-term. Either way, activity in the S&P futures could increase today with the data wire heating up.

Price: 1102
Psychological: 1000

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