07 January 2015

SP 500 and NDX Futures Daily Charts - Recovery, For Some

US equities bounced off key support today. What a surprise.

The reasons for this were the 'better than expected' jobs number from ADP, and expectations of money printing stimulus for Europe by the ECB.

The first chart below shows how 'well-behaved' the SP 500 has been throughout this rally, with one slip.

There is no reason to suspect that the Banks and Wall Street will put a halt to their money machine just yet.

The Fed minutes for the last meeting were released at 2 PM today, with some jawboning about raising rates some time later this year.

The big tickle is going to be the Non-Farm Payrolls Report on Friday, and next week we kick off the 4Q2014 earnings season. Oh joy.

Have a pleasant evening.