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“I went looking for trouble, and I found it.” – Charles Ponzi
Markets are looking to make an attempt to rebound from yesterday’s weakness, but the effort hasn’t been all that inspiring to this point as futures have erased more than half of their gains. If the inability of futures to hold on to their gains isn’t enough, today also marks the birthday of Charles Ponzi!
ADP Private Payrolls were just reported and missed expectations by nearly half (117K vs 225K). The big report of focus for the remainder of the day will be the ISM Services report at 10 AM.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, some earnings reports from the US and around the world, an update on Markit PMI readings for the Services sector, an update on the latest national and international COVID trends, including our series of charts tracking vaccinations, and much more.
US equities opened higher yesterday but sold off from the opening bell right until the close in what can only be described as a disappointing session for bulls. Below we show intraday charts of the S&P 500 and Nasdaq over the last 15 trading days, and what you can also see in both charts is that their opening prints also coincided with downtrend lines that have been established from the index highs in mid-February. At this point, the burden of proof is on the bulls to break these downtrends. Based on where futures are trading now, neither of these trends will come into play at the opening bell, but if the markets can build on their early gains, a test could come into play. Stay tuned!