Game Over? (2): S&P500 Future Under 1039

At 11:30 PM EST Sunday night, pre-market S&P500 future down to 1038.10 . Nikkei 225 index down 246.69 and 2.40%, Hong Kong Hang Seng index down 300 points and 1.47%.

The open bell at Monday morning could be very interesting. We do not have major economic or earnings reports on Monday. If we gap down and can not regain 1040 support level quickly, some technical indicators will be triggered to be bearish.

There will be a lot of noise this week starting from Tuesday. We will have September consumer confidence index and Case-Shiller home price index report due on Tuesday. Do we still remember one year ago that day? Dow crashed 777 points when government rejected $700 billion bailout plan. 2009 Q2 GDP will be due on Wednesday. On job market, we will have ADP jobs report on Wednesday, weekly jobless claims on Thursday, and September jobs report from the Labor Department on Friday. Could be a very challenging week for bulls. However, any upside surprise from those numbers, such as GDP, could push the market higher as well.