Overnight the Asian market leaned towards caution. Most Indices ended positive or fairly flat. Chinese MNI business sentiment indicator increase about 4 point to 51.35 in September, compared to August. The news kept markets in positive territory as investor are cautious on news coming out of Spain.
In Europe major indices ended lower, as Spain will announce how much money its banks will need. Spain requested a loan in July of up to 100 bn Euros. Anything more than that will not be receive gladly by the market.
The US market, The Dow Jones is lower by 60 point before the bell. Personal incomes data in the U.S. rose 0.1 percent in August. And the market will be expecting US business activity and the consumer sentiment release at 9.55 am USA time.
The major influence for today markets will be coming from Europe and Spain in particular.
Wall Street chart recent down movement is minimal, and cant be define yet as a downtrend or a correction. As far as market are uncertain of direction, traders will remain cautious in the side line or reducing they exposure.