The ADP Employment Report beat expectations by a shocking 204,000 addition to private non-farm payrolls as the private sector added 297,000 jobs. This was the highest number in the survey's history. Expectations will now be high for the official non-farm payrolls report which will be published on Friday. It will also be interesting to see if jobless claims (reported tomorrow morning at 8:30am EST) decrease in concert with the ADP gains.
Price action has confirmed positive reaction to the ADP numbers as we saw a sharp rally following the report and a continuation to break through minor resistance levels to new intra-day highs this morning. We are now threatening to test yesterday's high and possibly Monday's high as well. I am more prone to buy the dips today than sell the rallies.
I continue to believe we are forming a short-term top in the market which will be followed a by a healthy correction down below at least the 50 day moving average on the ES Daily chart. But as usual, we need to wait for price action to confirm this and that has not yet happened. We are still in a bullish up-trending market that has not yet lost its legs. I will continue to watch...
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I am looking for a break upward to a new high before the end of trading today. I will consider a short entry between 1275 and 1276 on the ES
ReplyDeleteKeeping an eye on the current consolidation range between 1270 and 1273, we could break in either direction. I am leaning toward the further move up, but I will be ready to change that opinion if price moves below 1270... If that happens, I will consider a short on a retest back up after the drop below 1270
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