For Wednesday:
Well the market played a huge April Fools on me; a rally of 33 points in the emini S&P in the regular trading hours.
Now I have been bearish for a while now, and given the state of the economy I will continue to be guarded on rallies - but clearly the buyers stepped up to the plate today.
Good numbers in ISM Manufacturing and Construction Spending along with the start of a new quarter brought buyers into the equities. - But - Unemployment Friday conquers all. Some may think the worst is behind us; I'll continue to have doubts. (Bear Sterns anyone?)
Bottom line follow the volume - the market kept going higher on volume today: Wednesday's pre-market trading will be a clue. If the market starts trading lower on high volume in the morning - we'll head down, If higher prices on higher volume then this bull run will continue.
From the TradeMaven Software, Volume Weighted Pivot, Support and Resistance Numbers for 2 April:
Upcoming Reports:
Wednesday
MBA Purchase Applications 7:00 ET
Challenger Job-Cut Report 7:30 ET
ADP Employment Report 8:15 ET
Thursday
Jobless Claims 8:30 ET
EIA Natural Gas Report 10:30 ET
Friday
Employment Situation 8:30 ET
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