Market Indecision

Posted by downtowntrader | 7/06/2006 11:03:00 PM | 0 comments »

Markets were undecided again today and it looks like many are waiting for the jobs report tomorrow after ADP's report suggested a much higher jobs number then forecasted. Whatever is reported, I would imagine that a stronger move is put in. Earnings season kicks in next week so that may end up driving the markets for now.

Here is an hourly look at the Nasdaq composite. Notice it has been getting support at the 200 bar SMA and previous pivot high. I would watch that level first tomorrow and then the trendline's above and below that area.

ET is looking like a good risk reward short trade as it struggles with the down trendline and 50sma.

Thats it for tonight.

Good Luck,