Limited Brands, Inc. (LTD) has a couple areas of support to watch. First, we're sitting on uptrend support. The stock recently broke through uptrend support which weakens the validity of the support level, but the break was not extremely solid so I'm still taking uptrend support into consideration. Below uptrend support is resistance turned support at 25. This is a bit more solid in my opinion.

I intend to continue watching price action in this stock. I like the long side here, but have to watch the stock for a few days before entering due to the recent pressure on uptrend support. A pullback to 25 is a no-brainer buy in my opinion.

There were a few pieces of economic data that moved the market yesterday, namely PPI data in the morning session and Fed speak in the afternoon. The markets were fairly uncertain as to what direction to take. It was another day of modest overall action.

US stock futures are mixed this morning as the market tries to digest the first round of earnings along with several pieces of economic data that were released this morning. The data is as follows:

• Core CPI m/m +0.2% vs +0.2% consensus
• Core CPI y/y +2.6% vs +2.6% Bloomberg consensus
• CPI m/m +0.5% vs +0.4% consensus
• CPI y/y +2.5% vs +2.4% Bloomberg consensus
• Initial Claims 290K vs 315K consensus
• Housing Starts 1642K vs 1570K consensus
• Building Permits 1596K vs 1505K consensus

Some of the above data is slightly bearish while some is slightly bullish. It's a good mix of the two, which appears to have the market fairly uncertain as to how to proceed.

The yield on 10-year Treasury pushed a few basis points higher data, now trading at 4.80%. Crude Oil bounced off support at 50, now trading at 52.19 per barrel. Gold continues to move higher, now at 632.30 an ounce.

The large amount of economic data should allow for some opportunities in today's market. Now that a lot of short term data is out of the way, the market can proceed with less uncertainty. The main focal point going forward will be earnings guidance.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.