sp'60min
Summary
*ADP jobs: 169k, vs 205k expected... a clear miss, and again, indicative of softness in the economy. Naturally, the market might take this as 'bad news is good news', as chances of a rate hike at the FOMC of June 17'th are now surely close to zero.
--
Opening gains are not entirely surprising... however, there is high opportunity for the equity bears to turn things lower after the morning turn time of 11am. A second consecutive net daily decline looks very viable.
Next downside target is the recent low of sp'2077. After that.. there really isn't much until the 200dma in the 2020s.
However, with the jobs data this Friday, I expect another up cycle into late May/June, that might end up tagging the upper bol' on the giant monthly cycle... currently in the sp'2160/80 zone.
--
I have eyes on Gold... it looks vulnerable into end of the week. Price structure is a large bearish wedge.
GLD, 60min
Broader downside target remains Gold $1000.. which would cut GLD down to $95.
--
Doomer chatter.. Hunter with Fitts
--
Have a good Wednesday!
-
8.38am... It is notable that China overnight fell -1.6%... @ 4229... well on the way to the psy' level of 4K. Such a decline would certainly help the US equity bears a little.