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This morning ADP reported that 42K jobs were created in the private sector during October.
PRE-OPEN MARKET COMMENTS WEDNESDAY – Media reports are circulating that the government shutdown could end soon. I hope that’s true because it’s starting to impact economic growth. The longer it lasts, the greater the uncertainty. In the absence of government economic releases, ADP is all we have to go off of. Tomorrow Challenger will report planned layoffs.
The overnight elections were inline with expectations.
AMD and PLTR have both declined after reporting earnings this week and tech stocks are struggling to hold recent gains. The news has been good, but that was priced in.
Today the Supreme Court will rule on Trump’s ability to impose tariffs. This is big news and it is the cornerstone of his political agenda.
The market tested the breakout at $674 and it bounced off of it. That is the type of price action we would like to see. Does it count if that price level was tested overnight? It’s not ideal, but yes. I would prefer to see that level tested during normal trading hours.
We’ve seen some selling pressure the last few days, but the price action is stubborn. That suggests that buyers are still engaged. If the market can’t get down to $674 during the next two sessions, support will have been established and we can expect a bounce. I would prefer to probe deeper, but we might not see that.
Global markets were largely unchanged. Japan was down 2.5%, but their market has posted some big recent gains and it is giving some of that back.
I sense a rather dull day ahead and that would actually favor the bulls. If we spend another day or two at this level without much movement it will signal that support is forming and that will embolden buyers. I will be looking to sell out of the money naked puts and bullish put spreads.
Support is at $674 and resistance is at $680.
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