Directional Bias For The Day: S&P Futures are lower; moving lower since 2:30 PM on May 16; below a downtrend line of 30-minute chart Odds are for a down day with a good chance of sideways movement with increased volatility – watch for break above 2721.00 and below 2717.00 for clarity Key economic data due: Pillly Fed Manufacturing…

Directional Bias For The Day: S&P Futures are lower; moving within an up-sloping flag on 30-minute chart, break below 2706.00 would be bearish Odds are for a down day with a good chance of sideways movement with increased volatility – watch for break above 2711.50 and below 2706.00 for clarity Key economic data due: Building Permits (1.35M vs. 1.35M est.) at…