By Bryan McCormick
Today's economic calendar is light, with the regular weekly retail numbers and housing starts. The heaviest day of the week for reports will be Thursday, which may also be an exceptionally busy depending on what the Fed signals.
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 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 was 1.3 percent, while the year-over-year number was 3.3 percent. Stronger-than-expected positive readings would be seen as bullish, while negative numbers would be bearish.
Housing Starts will be released at 8:30 a.m. ET. The forecast calls for starts to fall to 0.59 million units. Estimates range from a bearish 0.57 million units to a bullish 0.66 million units.
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 comparison, and the other is the year-over-year reading, which shows the broader trend best.
The last month-over-month change was 0.2 percent. The previous report's year-over-year data showed a gain of 4.5 percent. Negative numbers in either series would be bearish.