By Bryan McCormick
Today's economic calendar features new data on housing prices and consumer confidence, as well as the regular weekly retail sales releases.
The weekly 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 reading came in at -0.7 percent. The year-over-year data in the previous report showed a gain of 2.2 percent. Stronger-than-expected positive numbers would be seen as bullish, while negative numbers would be bearish.
The 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 was a gain of 1 percent. The previous report's year-over-year data showed a gain of 4.2 percent. Negative numbers in either series would be bearish.
At 9 a.m. ET, the S&P/Case-Shiller House Price Index data will be released. On a non-seasonally adjusted basis, the expected change from the previous month is 0.3 percent. Estimates range from a bearish -0.6 percent to a bullish 1 percent.
On a year-over-year basis, the expected change is -3.9 percent. The range for the yearly change is from a bearish drop of -5.1 percent to a slightly less bearish drop of -3.3 percent.
The Conference Board's Consumer Confidence Index comes out at 10 a.m. ET and may be the key report of the morning for traders. Consensus calls for a slight drop to 60.5 from the previous month's 60.8. The range is from a bearish 55 to a bullish 66.7.