Futures are off moderately in the premarket, with SPX and ES both trading slightly below their 50-day moving averages.

ES dropped more after economic data which was generally stronger than consensus.  Housing starts beat while permits fell short.  Industrial production swung from -0.8% to +1.0%.  July FOMC minutes are due out this afternoon.

continued for members… DJI suggests more downside – but not necessarily this week. Note that the SMA50 is approaching the Dec 13 highs but is flattening out.