Payroll Surprise
S&Ps were trading down 4.50 pts at 1164 after a worse-than-expected Non-Farm Payroll report.
For today, on the upside the first patch of resistance should be between 1164.50 and 1166. Above 1166.50, settlement from yesterday comes in at 1168.50. We would anticipate some minor resistance between 1168 and 1169.50.
On the downside, we have a support zone from 1164 to 1159. The key areas of this zone are 1161 all the way down to 1159. If this were to fail, we would anticipate a move down to 1147.50.
Nasdaq is trading at 1711.50, down 12.50 points. For today on the upside, the heavily traded area post-employment report was 1716-1720. If we get above that, we have unchanged at 1724.
On the downside, the first leg of support is 1708 to 1695. This encompasses yesterday’s low of 1703 and the afternoon low from Wednesday of 1695. If we get below this zone or have difficulty getting back above 1708, we anticipate a move to 1680.