Wednesday, June 30, 2010

6/30 pre-open

SP futures were up almost 10 points until the ADP report came out.  What a shocker.  63,000 jobs forecast,  13,000 delivered.  This has to impact the estimates for the jobs report on Friday.  Estimates were for 150,000 private sector jobs added but it looks like this is a fairy tale.  Thursday is the jobs report discounting day, after the weekly claims report. 
The futures count differs from the cash market.  In the futures there is room for another low before Minute iii ends.

In addition to the lows themselves there is a complex of moving averages across the indices that intersect at or near the lows.  I believe that 9777 will hold. I'll post some examples later today.

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