By Bryan McCormick
The economic calendar will include the usual weekly retail reports but will also feature non-manufacturing data from ISM. A number of Fed officials will be speaking, as has been the case for the last week, and we will see the FOMC meeting minutes at 2 p.m. ET.
The ICSC/Goldman Store Sales report will be released at 7:45 a.m. ET. There are two parts to the report, the week-over-week and year-over-year comparisons. Most traders focus on the year-over-year number because it is a better indicator of the longer-term trend.
The last week-over-week change was 0.2 percent. The year-over-year data in the last report showed a 2.6 percent gain. Stronger-than-expected positive numbers would be seen as bullish, while negative numbers would be bearish.
Redbook Store Sales will be reported at 8:55 a.m. ET. As with the ICSC-Goldman report, there are two components to watch. One is the more volatile month-over-month reading, and the other is the year-over-year difference, which shows the broader trend best.
The last month-over-month change came in at -0.3 percent. The previous report's year-over-year data showed a gain of 2.6 percent. Negative numbers in either series would be bearish.
The ISM Non-Manufacturing Index will be released at 10 a.m. ET. The consensus forecast calls for a slight drop to 65.5, down from 66.9. The expectations range from a bearish 60 to a bullish 68.8.
The non-manufacturing PMI is forecast to come in at 59.5. The range is from a less bullish 57.7 to a bullish 61.