Directional Bias For The Day: S&P Futures are moving sideways Odds are for an up day with elevated volatility – watch for break below 2674.25 for change of fortunes Key economic data due: Employment Cost Index (0.7% vs. 0.8% est.; prev. 0.8%) at 8:30 AM Unemployment Claims (253K vs. 215K est.; prev. 199K) at 8:30 AM Chicago PMI (est. 61.5; prev65.4) at 9:45 AM…