The S&P 500 regained its footing on Wednesday after a quick pull back in prices. The move is due in part to weaker than expected PMI numbers that suggest economic activity slowed in the month of November. Although Tuesday's action was bullish, the markets could continue to fall on Wednesday simply because of a lack of trading volume. The markets are closed on Thursday for the Thanksgiving holiday and will not resume normal trading until Friday.

Today's market action will be driven by a raft of economic data including the GDP revision and Personal Income and Spending data. The PCE Price index, the Fed?s favored tool for measuring consumer-level inflation will be the release of the week. It is expected to accelerate on a month-over-month basis and rise 4.1% versus last year. A hotter than expected number would be bad for the market.