Stocks headed for slightly higher start
S&P futures vs fair value: +16.70. Nasdaq futures vs fair value: +41.30. The stock market is indicated to open higher, as the S&P 500 futures trade 17 points, or 0.4%, above fair value. This indication doesn't say much, though, since the market has faded the last three positive opens. Yesterday, the S&P 500 came within six points of its ascending 50-day moving average (4431) and was able to close above the key technical level. This could be a level worth watching if the market turns around since the level has acted as a strong measure of support during this bull market. On the news front, China reported below-consensus retail sales, industrial production, and fixed asset management data for August, reports indicate that China wants to increase regulation in Macao's gambling sector, and the Empire State Manufacturing Survey for September surprised to the upside with a 34.3 reading (Briefing.com consensus 18.6).