The Dow Jones Industrial Average (INDEXDJX:.DJI) is sitting in the red ahead of the bell, as the U.S. government enters day three of its shutdown. While most eyes will likely be trained on any potential developments in D.C., a number of economic reports slated for release today should also garner their fair share of chatter. Kicking things off will be weekly jobless claims at 8:30 a.m. ET, followed by the Institute for Supply Management's (ISM) non-manufacturing index at 10:00 a.m. Factory orders for August won't be reported due to the shutdown.
Meanwhile, "The level for the bulls to hold continues to be 1,680 on the S&P 500 Index (SPX)," reminded Schaeffer's Senior Trading Analyst Bryan Sapp. "That was yesterday's low (Tuesday's was at 1,682), as well as the site of the SPX's 50-day moving average."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 54 points south of breakeven.
The Chicago Board Options Exchange (CBOE) saw 989,049 call contracts traded on Wednesday, compared to 598,837 put contracts. The resultant single-session put/call ratio rose to 0.61, while the 21-day moving average stayed at 0.58.
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"The new Investors Intelligence poll came out yesterday, and there was only a minor uptick in the percentage bulls/percentage bears," continued Sapp. "Current levels remain below what we've seen for most of the year. It seems as if bears are pointing to the government shutdown as a headwind for the market, and the data confirms that people are more fearful now than even four or five weeks ago. However, price has yet to confirm those fears. The contrarian trade would be to buy here and play for more upside, even despite the news."
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Earnings and Economic Data
The ISM non-manufacturing index is scheduled for release today, as well as weekly jobless claims. Constellation Brands (STZ) and Xyratex (XRTX) will announce their quarterly earnings.
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