Wednesday, February 3, 2010
U.S. stocks markets are trading flat ahead of this morning’s ADP Employment Report. Expectations are for this report to show that 30,000 jobs were lost during the last month. This is
better than the 84,000 lost in December. Today’s ISM Non-Manufacturing Index Report should be a market mover today. Traders are looking for this index to cross over the important 50 barrier. A number
higher than 50 indicates upside momentum.
The March E-mini S&P 500 is on target to test a major retracement zone at 1109.25 to 1118.25. A retracement to 1084.00 must hold if tested. The March E-mini Dow has an upside
target of 10341. Look for support on a pullback to 10130. The March E-mini NASDAQ is lagging behind the two other markets. This markets needs to regain 1774.50 to show strength.
April Gold surged overnight to $1126.40 before backing down. This price was inside of a retracement zone at $1120.50 to $1131.40. A weaker Dollar is necessary for this market to
continue its rise. If the Dollar strengthens, then look for a pullback to …
