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“The market is not an invention of capitalism. It has existed for centuries. It is an invention of civilization.” – Mikhail Gorbachev

Morning stock market summary

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Futures have been trading on either side of unchanged throughout the overnight session as equity markets look to break the post-Jackson Hole losing streak.  Treasury yields are higher, but crude oil is lower again as WTI has broken below $90 per barrel.

In economic news, after a summer sabbatical, ADP released its re-tooled Private Payrolls report which came in well below forecasts at a level of 132K versus consensus forecasts for a reading above 300K.  The only other report on the calendar for the last trading day of August is the Chicago PMI at 9:45.  That report is expected to improve slightly to 52.4 from last month’s weaker-than-expected reading of 52.1.

In yesterday’s Chart of the Day, we discussed the weakening breadth picture in the S&P 500 since the rejection of the 200-DMA back on 8/16. This is illustrated in the 10-day advance/decline (A/D) line for the S&P 500 which dropped yesterday to its most oversold levels since mid-June.

One sector where breadth has been notably weak has been Technology.  As shown in the chart below, not only has the 10-day A/D line for the S&P 500’s largest sector dropped to its lowest levels since June, but the Technology sector’s 10-day A/D line hasn’t been more oversold in the last year.

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