Housing permits hit a five-year high in October with home prices up 13.3 percent in September from a year earlier according to the Case-Shiller index. Building permits rose 6.2% in October to 1.034 million and were up 5.2% to 974,000 in September.
We need to see the indexes break resistance to improve our short-term stance.
Look for crude oil to move higher and for the S&P 500 to have a neutral to upward bias.
Technical momentum continues to weaken despite stable markets last week.