TraderWise

Yesterday, the market continued to grind higher and it was able to close above resistance at SPY 112. Today, it has added to that breakout on decent economic news. The ADP employment index showed 20,000 job losses and that was worse than expected. January's number was revised to show 40,000 more job losses. ADP can vary substantially from the actual number and traders often discount it after the release. That was the case today. In a separate report by Challenger, Gray & Christmas, planned job cuts sank 41% to 42,000 last month.