A Neutral Report
The long-awaited Employment Report was released this morning, all in all a neutral report as far as the market is concerned. S&Ps are now trading down 1.00 points at 1256.50.
Look for a choppy trade early, at least until the NAPM report is released. On the upside, we have 1256.80 and then 1260. We need to get above 1261 for this market to gain a foothold.
On the downside, we have 1254.50, 1250, 1247.50, and 1243.50 which is key.
NASDAQ is trading at 1825.50, up 22.50. This morning we have resistance between 1830 and 1845. If we can get above 1845, the target is 1870.
We expect support between 1820 and 1815. Beneath this, look for a move to 1790. Along the way, 1805 to 1798 is support.
The Dow failed to close above 11,000. The market needs to maintain above 10,750 on a closing basis. We would expect that level to be tested if we do not get above 11,000 within the next couple of sessions.