The market continues to edge higher, but it is still stuck between concrete resistance on the upside and sets for solid support on the downside. After the closing bell, American Express (AXP), which tumbled nine of the last ten times, reported earnings that finally got the street’s approval, and was one of the leaders in yesterday’s session. Also, Mattel (MAT) missed earnings, but provided the right kind of guidance, which should also be higher.

Stocks may take their cue from the debates. The election has everyone on the Street waiting with respect to a potential Clean Sweep by Democrats.  However, I don't think that's going to happen, yet, it's added an extra level of anxiety.

Meanwhile, housing data has merged with jobs data, with an assortment of other data points. It shows the economy limping along in the third quarter of 2016; it’s not rocketing higher as assumed by the Federal Reserve.

I continue to say that this market needs good news to be good news to break out, but with valuations where they are now, moving sideways might be the best bet.

Today’s Session

Markets are opening under some slight pressure this morning after news out from the ECB and the latest economic data was released. 

The ECB President Mario Draghi, while leaving interest rates unchanged, maintained that there has been “no discussion” to extend its quantitative easing program beyond March 2017.  He did however say that they will do what is needed to support monetary policy. " 

Initial claims were up 13,000 to 260,000 from the prior week’s revised 247,000. A better gauge, the 4-week moving average however increased 2,250 to 251,750 from the prior week’s revised 249,500.  This is the 85th consecutive week below 300,000. 

The Philly Fed’s monthly index on regional manufacturing declined in October to 9.7 compared to the expectation of a drop to 7.  September’s 12.8 was the highest since February 2015.  New Orders and shipments came in strong, while employment declined.  Key highlights:

• Employment: -4.0 vs -5.3 last
• New orders: +16.3 vs +1.4 last
• Prices paid +7 vs +20.6 last
• Capex index 21.2 vs 8.6 last
• 6-month index 32.6 vs 37.5 last
• Shipment rose 24 points to 15.3 from -8.8