We have a short week ahead of us due to Easter being this Sunday. That means the markets will be closed for Good Friday. We still have a couple of key economic indicators due out this week. On Wednesday we will get another update with the Petroleum Status Report and then on Friday we will have our GDP numbers. Both are important numbers but neither should swing the market substantially.
Volatility has come in a lot settling in the low 14s. Looking across the futures we see a very large spread between them and the VIX cash. We expect to see this spread begin to tighten which means the futures are going to come in and the VIX will go up. Looking at volatility alone I would expect the market to pullback this week. When you add that in with the Technicals I expect to see a red market this week.