Stocks fell from overnight highs on higher than expected unemployment claims this morning, and a much worse than expected Philly Fed. But as one financial wiseguy said on Bloomberg, who cares about manufacturing? Probably does not care about jobs either.
A test of the pivot point support is underway. I would expect it to hold and perhaps recover after the Europeans have gone home to their folks and blokes, but if it gives way, which would be a clear break of the lower bound of that 'pivot channel' then its a new game, as they say.
"O that I could find in the desert a wayside shelter for travelers, that I might depart from my people. For they are all adulterers, an unfaithful mob of traitors. Their tongues are devious weapons, bent like drawn bows. With falsehoods rather than truth they have gained power. They commit one crime after another. They do not know me, says the Lord. I will make Jerusalem a heap of ruins, the lair of jackals. I will lay waste to Judah, a desolation where no one can live."
Jeremiah 9:2-3,11