The futures are off to a slightly lower start after the Group of Seven industrial nations made a firmer call for China to accelerate the exchange rate of the yuan. The dollar got hit in response.
More Quotes from Marc Pado:
The bulls have some work to do today.Marc Pado
The market will be swimming upstream against a small current. We are still seeing a market rally that has not broken any key technical supports, but there are crack in the foundation. If they start to see selling on the news by the end of the day, that, too, is a warning sign that this rally is nearing an end.
Marc Pado
The headline number probably isn't as important as the wages and average hours worked. Earnings are still the main driving force, and the jobs number is just a hurdle in our path.
Marc Pado
There is very little economic news out this week, and nothing is due out today. All eyes are on the Fed.
Marc Pado
Every time investors think the Fed is going to be one-and-done, they rally the market 100 points. Yesterday was no exception. The potential for an additional 25 basis points in June faded from over 50 to about 28. That gave the market the added juice it needed to penetrate serious overhead supply.
Marc Pado
Those very short-term support levels were broken yesterday, but the supports under the current levels are substantial. Now that the Fed has made it clear that we will see one if not two more rate hikes, the uncertainty has been removed. We expect the focus to shift to first-quarter earnings results, and they are expected to be good.
Marc Pado
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