Employment Non-Event
The long-awaited Employment Report turned out to be a market non-event, with S&Ps trading unchanged at 1082 in the pre-opening market.
On the upside, we’re looking at 1083, 1085 and 1087.30. We must get above 1090.50 for the market to accelerate on the upside.
On the way down we have 1075, 1072.50 which will be critical support, 1069.50, and then a major cluster of support from 1067.30 to 1065.
Nasdaq is down 1.50 at 1420. Once again, Techs led the rally and specifically
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PowerRating), which was up over 6% on the settlement talks. On the upside today, the first resistance is 1424-28. If we get above that, we have yesterday’s high of 1432 and above that 1440. We have resistance at 1439-41.
On the downside, scale-down support is between 1415 and 1398. If we get below 1398, look for 1386. Below that, we would expect downside momentum to pick up most likely to a move toward 1368.