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July 6th - The US ISM Services PMI report showed that economic activity in the service sector continued to expand in June. The services PMI registered 54, marking the 24th consecutive month in expansion territory. Miller, chairman of the ISM Services Business Survey Committee, stated that the June services PMI was 54, down 0.5 from 54.5 in May. The business activity index remained in expansion territory, down 2.3 from 57.7 in May to 55.4. The price index fell to 67.7 in June, down 3.6 from 71.3 in May, marking the first time it has fallen below 70 since February. This index has been above 60 for 19 consecutive months, with a 12-month average of 68. Diesel, gasoline, petroleum, and related commodities were again mentioned as the commodities with the largest price increases in June, but other respondents reported price declines. This may be due to differences in contract terms between different companies for these commodities. Some respondents reported lower prices for gasoline and diesel, but this was not a widespread phenomenon. We expect this situation to continue for several months as rising oil prices are transmitted to the supply chain, but assuming continued progress in oil shipments through the Strait of Hormuz in the near term, it should ease in the fall.The U.S. ISM non-manufacturing supplier deliveries index for June was 54.4, compared to 55.2 in the previous month.The U.S. ISM non-manufacturing inventory index for June was 51.2, down from 62.5 in the previous month.The U.S. Conference Board Employment Trends Index for June was 106.69, compared to 107.01 in June.The U.S. ISM non-manufacturing new orders index was 55.1 in June, compared with 57.3 in the previous month.

Stock Markets Await Massive Jobs Number

Skylar Shaw

Jul 07, 2022 14:39

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The US indexes seem to be doing very little during the Wednesday trading session, maybe keeping an eye on that enormous employment report on Friday.

Technical Analysis of the S&P 500

The S&P 500 fluctuated during Wednesday's trading day as a result of the ongoing commotion in the world. Since we will have to consider what the employment market may indicate to the Federal Reserve, it's not a tremendous surprise to imagine that the S&P 500 may be reluctant to go unduly aggressive in any way. After all, the Fed and its monetary policy actions are causing a lot of people to worry. The value of equities has decreased as they tighten monetary policy more.


Although I believe it's more probable than not that we'll float a bit higher, I believe the sellers will eventually come back. The subsequent move down may begin if we were to close below the candlesticks that represent the Friday, Monday, and Tuesday trading sessions. There might be really fascinating since that is an obvious short-term support level that people will be watching.


We may rise to the 3950 level, from where we had previously pulled back, if we were to break above the highs of both Tuesday and Wednesday. Additionally, the 50 day EMA is rapidly approaching that broad range, so I believe we are dealing with a situation where the upside is fairly constrained. You will need to exercise extreme caution in the latter days of this week because to the jobs ever, but I believe that given enough time, more negative is likely to surface.

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