The ADP report came out this morning, and while we were expecting an increase in private sector jobs, we instead lost. The report will likely pour some water on the fire, and it will be important to note Friday’s broader employment report. The area to keep hold of for bulls is around the 1162 area. A break of this area would take us lower out of the recent range, and also lead to a break of the msot recent rising channel. It’s hard to see a lot of clear cut set-ups in tech, so we are going to wait it out to get some clearer direction. Also, see how financials react to support areas as they saw some weakness yesterday and are opening lower. Oil is a news driven story and an outstanding chart, so it will be firmly on our radar over the next few weeks. USO through 40.40 should be a great trade today. Gold may not be ready yet, but also has a great looking chart. … Read More
