S&P 500 : Initial decline of 0.1% after the ADP
By Laurent Polsinelli
Bearish under 1840 PTS Target price: 1826 PTS |
The ADP non-farm employment change released at 8:15 am EST has reported 238K new jobs in the private sector (199k expected), suggesting a continued upturn in the job market. A likely further reduction of the "QE" program is feared.
Operators will be therefore attentive to the FOMC meeting minutes at 2:00 pm.
Others statistics of the day, the crude oil inventories will be released at 10:30 am and the consumer credit level at 3:00 pm.
Graphically, the S&P 500 remains in a consolidation phase and gives no real sign of weakness yet.
In hourly data, we remain bearish for the moment below the 1837/1840 points with 1826 points and 1810 points as main objectives. Exceeding 1840 points these next few hours invalidate this scenario and imply a rapid return on tops.