· Mon: Pending Home Sales 10:00 AM ET
· Tues: Redbook 8:55 AM ET
· Weds: ADP Employment Report 8:15 AM ET
· Thurs: Jobless Claims 8:30 AM ET
· Thurs: Productivity and Costs 8:30 AM ET
· Fri: Employment Situation 8:30 AM ET
Ben Bernanke Speaks at 10:00 AM ET on Tuesday. The bank “Stress Tests” results have been moved up to Thursday, May 9. The stress tests are a government exercise to help regulators get a sense of what additional capital, if any would be necessary in various economic scenarios.
The S&P is sitting right at the 61.8% Fibonacci Retracement level. This level usually acts as a good indication that the underlying will make a retracement back to the 100% mark. The longer we hold sideways at the 875 level the stronger the support will be. A move lower to the 50% Fibo retracement level is likely so we are prepared as always, for both sides of the trade.