S&P on Track to Trigger 1,909
The market traded in a tight range on Wednesday following slightly weaker-than-expected ADP numbers but the bulls pushed higher to get their fourth-straight win. The numbers were 2,000 light after the payroll provider estimated 191,000 jobs were added by employers in March.
This made Wall Street a little nervous as Friday’s Nonfarm Payrolls report needs to come in well north of 200,000 jobs added. The ADP figure foreshadows this event and sometimes lags. Overall, we took the news as bullish.
The tap dance higher to resistance and fresh highs followed a test by the bears to push new support that served as prior resistance. (continued…)