For Future traders, The NON FARM PAYROLL ANNOUNCEMENT today can be extremely Critical.
200-DAY MA RESISTANCE. And once again 1107 in S&P500 and 10290 in the Dow-30 continue to hold as key ceilings for nearly 2 weeks, representing the 200-day moving averages. Last Friday, these levels were abt to break only for the Fitch downgrade of Spain to stand in the way. Could todays jobs report be the catalyst preventing these two indices from closing above their 20-day MAs? US ADP May payrolls rose 55K (vs expected +70K) following a revised 65K in April from 32K but continuing jobless rose by 31K to 4.7 The employment component of the services ISM did regain the 50 level.
Fed’s Fisher, Hoenig, and Lockhart are all talking fairly bullish on the US economy and hawkish on rates recently/over the last two days.
Just watch and study the trend development and strictly NO CRYSTAL BALL forecasting to guide your trading...
AN update on this will be posted the moments the signs/direction is being spotted, KEEP IN TOUCH !
Be alert on this Fantastic Trading opportunity !!
Happy Trading
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