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The calendar is light for today in a week already thin on economic reports. We will get the regular weekly retail sales data as well as new home sales. On Friday GDP data will be released along with consumer sentiment, both of which will be watched closely.

The weekly ICSC/Goldman Store Sales report comes out at 7:45am ET. There are two parts to the report, the week-over-week change and the year-over-year change. Most traders focus on the year-over-year number as it is a better indicator of the longer-term trend. The prior week-over-week change was -1.5 percent. The year-over-year data in the previous report showed a gain of 3.5 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 8:55am ET. As with the ICSC-Goldman report, the month-over-month change is more volatile, while the year-over-year change reflects the broader trend. So, most traders focus on the year-over-year portion of the report for that reason. The prior month-over-month change was a gain of 0.6 percent. The previous report's year-over-year data showed a gain of 4.7 percent. Negative numbers in either series would be bearish.

New Home Sales data comes out at 10am ET. Consensus calls for a small drop in unit sales, down to 0.31 million from the previous month's 0.312 million. The range of forecasts for the release is from a bearish drop down to 0.29 million and up to a bullish 0.33 million.

Source: Retail Data, Home Sales On The Agenda