Squawkbox market analysis with Danielle Morellino from Thomson FinancialTranscript:Welcome to this morning's Thomson Squawk Box Market Minute. I'm Danielle Morellino.We're staring down what's shaping up to be a flat, consolidating Friday.That said, Europe is weak, the Shanghai finished near a six-month low, oil prices remain resilient, and treasury yields are falling. All of the above give us an indication that we could sink below near-term support at 1340 on the S&P today, in a slight continuation of yesterday's declines.We have had little of note happening in the Trend Intensity Major Global Indices readings. The only changes at all in the group were downticks for the CACK in France, the FOOTSIE, the NEE-KAY and the Shanghai.In the case of the NEE-KAY, that means a trend ready reading. The FOOTSIE was already there. Yesterday's selloff produced no downticks among the North American indices.The only real change of note today among the sector ETFs we track was the loss of the downtrend signal in Insurance. Otherwise things are about the same as we saw them this time yesterday, aside from an increase in the number of Trend Ready sectors. Analyst actions could hold traders' attention today, and with Fannie and Freddie both cut at Merrill and Best Buy cut at Morgan Stanley early on, the reports also seem to add a bit to bearish sentiment.In the U.S., the holiday-shortened trading week is expected to end fairly quietly, with no major economic indicators on the docket.The earnings calendar is vacant of any key reports. The events we will focus on include the Consumer Analyst Group Conference, as well as presentations from Colgate-Palmolive, Clorox and Coca-Cola, all of which may give us a better read on U.S. and international consumer demand.For trading ideas in real time and directional commentary throughout the day, visit Thomson Squawk Box Dot Com.