The pending US homes sales index for March was +3.2%. This was +1.1% from a year ago. The Construction Spending was +.3% versus an expected -1.3%. This was very good news for the markets. However, the markets quickly reached a technical trading point (R3 = $89.70 on the SPY). While there is no absolute in trading, only very infrequently will an index move beyond its R3 on any given day. For this reason alone, the direction of the market for the rest of the day may be flat to down. If you are enthused about today's news, you may wish to wait to buy in. Technically this may not be a good point to do so. You could get in just in time for the slide. Adding to my the technical reversal probablity is the fact that the 10-minute chart RSI for SPY is at 87 (highly overbought). The fast stochastic is at 94 (overbought). The volume spiked on the news, but is now considerably lower. All of these indicators would tend to indicate that the market is more likely to reverse than to go higher from hereon today. I note this is only meant to be a prediction for today. It is only a probability, not a certainty.