Globex price action has been lackluster after yesterday’s bearish move. UK’s Services PMI met expectations but at 47.4, it’s a number not seen for over 3.5 years. Countering the PMI sentiment is corporate earnings which are generally beating expectations. Oil remains below $40 and thus the 10:30am EST Crude Oil Inventories report will be watched closely. Other data on deck include the 8;15am EST ADP Employment Change, 9:45am EST Final Services PMI, and 10:00am EST ISM Non-Mfg PMI. After yesterday’s range breaking move, it will be interesting to see if the bulls or bears can get anything going today. A test of the 2141.50 low is expected and if it doesn’t happen early, that’s bullish. Volatility should be lower than yesterday. Size bias is short into the US session open.
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