The morning bounce fizzled fast. After the higher-than-expected weekly unemployment claims this morning, there is going to be some nervousness about the monthly jobs numbers tomorrow. The ADP report, which was out yesterday, has typically not been a good indicator of the monthly numbers, and it wasn't very impressive anyway.
Technically, we are at a good spot for the market to struggle, as we haven't been able to make it through those June highs. We're still holding up, but I'll be increasingly concerned if we fail to hold 1115 on the S&P 500.
With negative seasonality kicking in and more focus on macroeconomic numbers as opposed to earnings reports, the conditions are in place for some profit-taking.
As usual, the number and endless analysis about it will be huge.....
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