The Dow Jones Industrial Average (INDEXDJX:.DJI) is indicated higher ahead of the opening bell, following televised remarks from President Barack Obama regarding a possible "tailored, limited" strike on Syria. In economic news, the second estimate for last quarter's gross domestic product (GDP) will be reported this morning, along with weekly unemployment claims. The Fed will also be back in focus, as regional bank presidents from St. Louis and Richmond take the stage.
On the charts, "The 1,640 level continues to be of major importance for the S&P 500 Index (SPX)," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "It acted as support last week, broke on Tuesday, and then yesterday's rally stalled there. The bulls will definitely want to see this level retaken and hold in order for Wednesday's upside momentum to continue. Underneath, I'm watching 1,625 and 1,600 as potential support levels."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are sitting 53 points above fair value.
Daily statistics from the Chicago Board Options Exchange (CBOE) were unavailable for Wednesday. We apologize for the inconvenience.
From the Trading Floor
"I'm keeping a close eye on the oil market," Sapp continued. "With the Syria situation dominating the news, oil has been spiking significantly. Should it continue to move in the manner that it has over the past few days, it will signal 1) escalating tensions in that region, and 2) a potentially dramatic effect on the U.S. economy. The recovery remains in a fragile state, and higher oil for a long period of time could have a major impact on economic growth going forward."
Currencies and Commodities
Earnings and Economic Data
Today will feature the preliminary second-quarter gross domestic product (GDP) estimate, as well as weekly jobless claims. Slated to release earnings are bebe stores (BEBE), Campbell Soup (CPB), JA Solar (JASO), Krispy Kreme Doughnuts (KKD), OmniVision Technologies (OVTI), Pacific Sunwear (PSUN), Salesforce.com (CRM), and Shoe Carnival (SCVL).
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