Morning Madness

Bullish

 

• Futures are currently slight negative
• ADP employment number destroyed expectations at 297k vs 100k expected
• Saw a lot of strength in the market after the ADP number release
• ISM services due out at 9am CST
• EUR/USD sold off heavily after hitting the resistance line (almost on the dot) at 1.344
• EUR/USD is now looking at the 150 day moving average and the upward trendline at 1.314, could see a bounce here
• GBP/USD did not make it to the upper trendline before selling off, now bouncing around support at 1.552
• USD/JPY has had a big run up blowing through the 50 day moving average and resistance at 82.79
• If we don't get a pullback on USD/JPY today this market could turn bearish
• A close above the 50 day moving average would signal some further weakness for me
• SPX bounced off of breakout levels of 1262 - Bulls need to continue to hold this level
• Bulls looking to gain 1276 to continue to push this market higher
• Bears need to retake 1253 price level to start putting in lower-lows
• Look to tighten stop-losses and begin to hedge with some shorts
• Also look for possible hedge positions

Stock Watch

CSTR

CSTR saw a lot of weakness yesterday and hit support perfectly.  A break of this level would make a good short and a good hedge against this market.