By Bryan McCormick
Today's economic calendar will include new home sales and data from the Richmond Fed on manufacturing, as well as the weekly retail reports.
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 the year-over-year changes. 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 came in at -2 percent, while the year-over-year data in the previous report showed a gain of 3.2 percent. 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: the more volatile month-over-month change and the year-over-year comparison, which shows the broader trend best.
The last month-over-month reading came in at -2.3 percent, while the year-over-year data showed a gain of 4 percent. Negative numbers in either series would be bearish.
New Homes Sales data will be released at 10 a.m. ET. Consensus calls for sales to come in at 0.3 million units. The estimates range from a bearish 0.28 million units to a more bullish 0.32 million.
The Richmond Fed Manufacturing Index comes out at 10 a.m. ET. This is a relatively small regional survey that has nonetheless come to be closely watched by traders. It is a notoriously volatile release and one that does not have a forecast.
Last month the index came in at 10. A number substantially lower than this would be bearish, while one substantially higher, back to the March level of 20 or better, would be bullish.