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Technically, S&P 500's downward trend could be reversed today

The better than expected durable goods and MBA Applications survey have pushed S&P 500 futures up more than 1%.  If S&P 500 closes above 900 today, it will not only be crossing the 200-day MA, but will also prevent the slope of the 50-day MA from turning negative; all of which are very positive. 

We note that new-home sales, comments from the FOMC meeting and the 5-year note auction could impact what we are seeing now.  We had a negative sentiment for all of these, but then again, we're dealing with politics and today's durable goods numbers will probably give the Fed something to brag about, which would be positive for the market.