By Barbara Kollmeyer, MarketWatch

Analyst: S&P 500 could be about to start at technical correction

Wall Street could be in for a struggle on Friday, with stock futures pointing to a weaker start, with General Electric Co. lined up to report, and consumer prices and sentiment data ahead.

Futures for the Dow Jones Industrial Average (YMM5) fell 30 points to 18,011, while those for the S&P 500 index (ESM5) dipped 3.55 points to 2,097.25. Futures for the Nasdaq 100 index (NQM5) were down 7.5 points to 4,407.50.

The S&P 500 (SPX) is set to finish barely positive in a week that has lobbed oil-price volatility, big-name earnings, data and several Federal Reserve speakers at investors at once.

Stocks closed slightly lower on Thursday (http://www.marketwatch.com/story/us-stocks-futures-waver-with-goldman-earnings-fed-speakers-in-focus-2015-04-16), getting only a brief bump from a handful of Fed members who suggested a near-term interest-rate hike might be less likely. The S&P 500 ended 0.5% shy of its all-time close of 2,117.39, reached March 2.

Investors will get an update on inflation, with consumer prices for March due at 8:30 a.m. Eastern Time. Economists surveyed by MarketWatch are forecasting a 0.3% rise, versus a 0.2% gain in the February. Core prices are expected to rise 0.2%, the same gain as February. Then the University of Michigan consumer sentiment survey for April is coming at 9:55 a.m. Eastern. Leading indicators for March will hit at 10 a.m. Eastern.

Correction ahead? A technical analyst told CNBC on Friday that he expects major global benchmarks to begin correcting over the next month. "I think the correction has started on the DAX, and the S&P 500 we are probably on the top today," Yacine Kanoun, managing director at PivotHunters, a U.K.-based portfolio management company, said Friday (http://www.cnbc.com/id/102595532).

European stocks , which have attracted and more investor flows as returns have trounced U.S. markets, continued down a weak path after falling from record highs on Thursday amid worries over Greece. The German DAX 30 index was down nearly 2% on Thursday, and was off another 0.2% on Friday.

Kanoun expects the expiry of options contracts on Friday to kick off a correction, and hee expects the S&P 500 to come down 10% from its current peak. He sees the DAX bottoming at 11,650.

Need to Know: When sex isn't selling, it might be time to get defensive (http://www.marketwatch.com/story/when-sex-isnt-selling-it-might-be-time-to-get-defensive-2015-04-17)

Stocks to Watch: Ahead of the market open, General Electric(GE), Reynolds American Inc.(RAI) and Honeywell International Inc.(HON) are due to report.

After Thursday's close, American Express Co.(AXP) posted a 6.5% gain in profit due to card-member spending. Shares slipped 1.1% in late trade after the payment-card company said (http://www.marketwatch.com/story/amex-profit-buoyed-by-card-member-spending-2015-04-16-16485228)its results were hurt by a stronger dollar.

Mattel Inc (http://www.marketwatch.com/story/amex-profit-buoyed-by-card-member-spending-2015-04-16-16485228).(MAT) shares rose nearly 7% in late trade after the toymaker posted a narrower-than-expected loss for the first quarter.

Advanced Micro Systems Inc.(AMD) could get hit in premarket. Shares fell nearly 9% after the chip maker posted a wider-fiscal first-quarter loss and weaker revenue.

Schlumberger NV(SLB) shares rose just over 2% in late trade. The oil-field services company said it would cut 11,000 more jobs after posting a 39% first-quarter earnings drop.

Other markets: In Asia, the Nikkei 225 posted a 1% drop, while the Shanghai Composite Index surged 2.2%. The dollar remained under pressure, while gold prices (CLK5) pushed higher.

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