MORNING LOOK

Futures are trading a bit higher this morning as everyone focuses on the 1040/1050 level in the SPX and I suspect most are expecting the area to hold.

Looking at spots on the chart - the SMA 200 on the SPX has clearly been big resistance and a big failure of late at/near the 1105 area-

My take is the market can be bought down here but a break of the 1040 level will be a very bad sign for these markets and the near to intermediate term.

Checking the numbers - RSI 2 on SPX near 20 and the VIX just a bit above the SMA 10- FWIW and I don't suspect much right now as that VIX probably falls big time on the open -

Barry with some homework on the great BP;

BESPOKE on natural gas;