By Bryan McCormick
The economic calendar will be on the light side this week. Traders should be aware that tomorrow's FOMC Meeting Announcement will be made at 12:30 p.m. with a press conference to follow, rather than the regular time of 2:15 p.m. ET.
At 7:45 a.m. ET, the weekly ICSC/Goldman Store Sales report will be released. There are two parts to the report, the week-over-week and the 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 came in at -0.8 percent. The year-over-year data in the previous report showed a gain of 2.4 percent. Stronger-than-expected positive numbers would be seen as bullish, while negative numbers would be bearish.
The weekly 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 change and the other is the year-over-year number, which shows the broader trend best.
The last month-over-month change came in at 0.8 percent. The previous report's year-over-year data showed a gain of 3.2 percent. Negative numbers in either series would be bearish.
Existing Home Sales data comes out at 10 a.m. ET. Consensus calls for a drop down to 4.8 million units from the previous month's 5.05 million. The range is from a bearish 4.5 million units to a bullish 5.18 million units.