Directional Bias For The Day: S&P Futures are higher; moving higher since 2:30 PM on January 16 Emerging up-sloping flag; a break below will be bearish Odds are for an up day but most likely down from current levels – watch for break below 2782.25 for change of fortunes Key economic data due: Capacity Utilization (77.9% vs. 77.3% est.) at 9:15…