Futures Lower On Jobs Expectations

January 6th, 2010

The /ES and /NQ are trading lower this morning as traders are bracing for a private report on jobs that is a precursor to the closely watched non-farm payrolls report coming out later this Friday. The ADP employment data is expected to show that private employers cut 73,000 jobs in December. Currently, expectations are that the unemployment rate will rise to 10.1% from 10% in November. Also on the long watch list this morning the ISM non-manufacturing index due at 10:00 a.m. EST. Busy day around here everyone…keep on your toes!

Here is the latest on the SPX support and resistance levels. Yesterday we pretty much bounce and rallied right in my range.

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