Futures are down again as it would appear that we are likely to continue our retrace for a short while. I do get the hunch, for real, that there will be another attempt to rally this up, most likely off the 750ish level.
McHugh has another turn date next week, so we may chop lower until then and then produce a c wave up. We do have to get through the G20 meeting between here and there though.
There’s a lot of data out today, I’m only going to touch on it:
MBA Purchase applications were basically unchanged, disappointing those looking for sales to increase on the artificially low rates. Refinancing are picking up, but not outright purchases.
The ADP payrolls GUESS came in with higher losses than last month, rising from 697,000 to 742,000.
The Manufacturing ISM, Construction Spending, and Pending Home Sales all come out at 10 Eastern this morning.
I really like the way that Andrews Fork produced a neat channel on yesterday’s action, a normal channel was hard to fit, but that fell on it perfectly. Here’s a chart of the /ES with extensions so you can see where the channel projects over time:
Have a great day,
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