As anticipated in previous post, short term down cycles brought the decline today and S&P futures closed lower at 2901. Cycles bottom tomorrow. Key support is at 2889 pivot in S&P cash. A break below it will likely lead to test of daily trend level at DT1. But since short term cycles are reversing tomorrow, it is likely the pivot support will hold this week. A decisive move above the hourly trend level HT1 will indicate the down side pressure from down cycle is over and uptrend should resume back.
Not much move in US Dollar today - it's hourly cycles bottom tomorrow and with daily buy signal there should be some up move for next few days.
Climb in wholesale inventories eased at 0.2% in February compared to sharp up move of 1.2%, 1.1% in prior two months. Tomorrow is full of key economic news - jobless claims, retail sales at 8:30 am, composite PMI flash at 9:45 am, business inventories and leading indicators at 10:00 am.