The S&P Continues to Drift Higher:

The cash market is closed today for the MLK holiday and futures are little changed. Europe has seen light volume and little movement as well. However, there was a pop overnight that put in a new high as the S&P reached 1481.75. The path of least resistance continues to be higher as we continue major earnings releases tomorrow. There is a light pocket above 1475 and in a shortened day and light volume, I would expect the market to maintain price action above here. Tomorrow morning there will be a BOJ press conference, German Economic Sentiment, Existing Home Sales and Draghi Speaking. (Equity products halt trading at 10:30 CT) Resistance -, 1488*, 1505-10** Support- 1475, 1471.5*, 1466*, 1460***, 1455*, 1451.75**, 1446-44*