As I indicated early in the week, 80% of participants thought that this week would close up - they usually turn out to be wrong and though most are thinking an up close for the week is in the bag…if pattern holds true that may still not be the case. In addition we had two cycle top dates this occurring week and ADP is often disinformation with regard to the actual jobs report. It is almost an irony how in effect distracting or softening the effect of the actual report - we will see if that curious relationship holds again. Meanwhile, NASDAQ sentiment closed the day in the 95 percentile and the S&P 500 sentiment closed in the 90 percentile. Below are some more market measures that show context for this weeks aberrant trading. Dow and S&P closing above the bollinger band for 3 days in a row.
Even the most optimistic jobs numbers will likely not be to the markets pleasure...
