Daily S&P Report
E Mini S&P settles 1089.50 up 7.75
Stock futures extended gains on Thursday
on very light volume as investors await Friday’s
employment number. Economists are expecting
the report to show a loss of 110,000 jobs in August,
an improvement over July’s 131,000 job loss. A key
figure in the report will be private payroll data, which
economists expect will rise by about 42,000 jobs. Please
keep an eye out for revisions to last month’s report as well.
In today’s economic news, the Labor Department reported
Weekly jobless claims fell by 6,000 to 472,000 for the week
ended August 28th, better than the 475,000 projected.
Pending home Sales posted a surprising jump to 79.4 in
July from June, according to the National Association of
Realtors. Also the government reported nonfarm productivity
Fell 1.8 percent, more than previously estimated in Q2 and the
Largest drop since the third quarter of 2006.
A strong late day rally in the S&P has this market technically
Poised to take out 1110 and possibly up to 1113.00. However
All eyes will be on the nonfarm payroll report due out at 7:30
Tomorrow. A negative private payrolls number, something to the
effect of -15 to -30K will probably drive us lower in morning trading.
But any revisions to prior reports or a better than expected non farm
number will in my opinion render this report as neutral and could push
the S&P and Dow to challenge near term resistance at 1100 and then possibly
at 1111-1113.
Economic Releases 9/3
Unemployment-7:30
ISM Non-Manufacturing Index-9:00
Daily Swing #s ESU0
Resistance#2-1099.50
Resistance#1-1094.50
Pivot 1085.50
Support#1- 1080.50
Support#2- 1071.50
Daily Swing #s YMU0
Resistance#2-10379
Resistance#1-10343
Pivot 10287
Support#1 10255
Support#2 10199
Sean Lusk
Senior Broker
877 294 7757
312 775 3541
312 379 5808 fax
slusk@pfgbest.com
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