S&P500 furtures: Fresh highs point to positive cash open ahead of key US data

• US futures point to a positive open in the cash this Tuesday. 
• Investors will have an eye on US stimulus and US Retail Sales data. 

The stock markets and bond markets are closed on Feb. 15, 2021, in observation of Presidents' Day.

Cash will reopen on Tuesday following the three-day holiday weekend that commemorates the birth of America's first president.

However, the futures are pointing to a strong open when they do return with the US 500 contract trading up some 0.47% at the time of writing, to 3,949.38.

Stimulus hopes have continued to underpin the underlying index while investors watch for new developments on the $1.9 trillion fiscal stimulus package making its way through the various layers at Congress.

Risk-on appetite will count on the inflation debate while the market weighs the impact of that potential spending.

Leaving the week ahead's outlook in good stead is Retail Sales.

These probably rebounded in January after falling by 2.1% in the previous three months, analysts at TD Securities explained. 

''The strength can be explained in part by an exaggerated boost from seasonal factors after less seasonal strength than usual at year-end, but a fresh round of individuals' stimulus payments and an easing of COVID restrictions likely contributed as well.''

Meanwhile, several dozen firms are releasing earnings, including Walmart and Deere.

S&P 500 technical analysis

From a daily perspective, the cash price had extended to fresh highs and had broken R3 of the prior session. Support at 3,926, or the 10th Feb highs, could be tested in the days ahead which guards a 38.2% Fibonacci at 3,917.60. A deeper retracement will open the 26th Jan highs at 3,870.