Daily S&P Report

E Mini S&P settles 1046.75 up 3.25

The Dow and S&P ended slightly higher

on Tuesday after the Fed released minutes

from its last meeting saying the economy would have

to get worse before it provided more support.

Both benchmark indexes posted the worst record

for August since 2001, although the Dow, S&P and

NASDAQ are still higher for the third quarter. The

Dow lost 451 points or 4.3 percent this month while

the S&P lost 52.25 points or 4.7 percent in August.

At the last FOMC meeting, several members said the

Fed should consider more stimulus if the economy

weakens, and that reinvesting in mortgage-backed

securities, in addition to Treasury securities, “might

become desirable if conditions were to change” according

to minutes released at 1pm Tuesday.

In the days economic news, Consumer Confidence was

53.5, up from a revised 51.0 in July and better than the

51 forecasted. The Chicago Purchasing Managers index came

in at 56.7, a low level for the year, and weaker than the 57.6

expected for August. The index was 62.3 in July.

Tomorrow begins three straight days of employment numbers,

with  ADP releasing their private employment forecast.

I believe today’s late rally was nothing more than evening up

before tomorrow’s economic data is released. In my opinion

investors have been running into safer havens like gold and

silver this week as the precious metals have seen higher closes.

This is due to the general uncertainty of what the employment

numbers will be.  In the interim I will keep my support levels in the S&P

at 1040-1037 with 1030 and 1015 the next points down. Resistance

lies up at 1080-83 with a close over 1098-1100 will be next. Please

call me for intraday updates and economic releases sent to your email.

I can be reached at 877 294 7757 or slusk@pfgbest.com 

Economic Releases 9/1

Construction Spending-9:00

ISM Manufacturing-9:00

ADP Private Employment-9:00

Daily Swing #s ESU0

Resistance#2-1063.50

Resistance#1-1056.00

Pivot                  1046.75

Support#1       1039.25

Support#2       1030.00

Daily Swing #s YMU 9/1

Resistance#2-10151

Resistance#1-10078

Pivot                  9993

Support#1-      9920

Support#2       9835

Sean Lusk

Senior Broker

877 294 7757

312 775 3541

312 379 5808 fax

slusk@pfgbest.com

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