Market after the holiday: Futures red ahead of FOMC Meeting Minutes

Market enters morning trading session with fairly cautious sentiment as all 3 major indices retreated -0.55% overnight, especially after macroeconomic data from Europe showing clear deflationary pressure with industrial activity falling into “contraction” state. SPX continues to maintain resistance at 4500 and main support at 4400. Above 4400, SPX maintains positive gamma environment with bullish bias up to 4500 and below 4400, SPX is considered to show “risk-off” signs.