31 May 2013

A Closer Look At the SP 500 and NDX Futures Daily Charts

While this certainly could turn into something more profound, so far it is well within parameters of a pullback.

Watch the action on Monday and Tuesday in particular. The bulls will be edgy ahead of ADP on Wednesday, the Fed Beige Book, and especially the Non-Farm Payrolls report. But it is a very full week with the national ISM data coming out as well.

If we get a market break you will see it more clearly by looking at the trends on the daily charts.

If we do not, then proceed with caution, and tend to ignore any jawboning.