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Economic Releases Are In Focus
www.oneoption.com
Traders will be watching for signs of a slowdown this week.
PRE-OPEN MARKET COMMENTS TUESDAY – I hope all of you enjoyed the extended weekend. The market is searching for a catalyst and the news this week could spark a breakout or a breakdown. The SPY has been compressing in a tight range just below the all-time high.
China’s manufacturing PMI came in slightly better than expected and it is in expansion territory (50.4). EU Manufacturing PMIs came in slightly better than expected, but they are still squarely in contraction territory (45.8). ISM Manufacturing will be released 30 minutes after the open today (47.5 expected).
JOLTs will be released tomorrow, ADP on Thursday along with ISM Services and the Jobs Report on Friday. The 4-week average for initial jobless claims has been around 230K so I am expecting a pretty solid jobs report Friday. The consensus estimate is 164K.
Swing traders have to wait for the market to breakout or breakdown.
Day traders should be mindful that the day-to-day action is 100% program driven. The algorithms will probe for support and resistance. When a move stalls, you can expect a reversal the other way. The gains in the last 30 minutes of trading Friday are being erased this morning. I would not read anything more into the overnight drop than that. Overseas markets were a little soft.
Support is at $555 and resistance is at the all-time high.
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