SPX Weekly Thoughts

Here we are at a moment where Yellen deciides the fate of the US economy, well, investor reaction to her decision. Her decisions are evidenced based. So far, ISM Manufacturing PMI came out better than expected. Now, we await the ADP Emplyment Report in 7 hours and the Non-Farm payrolls.

If one goes long now, then it would be right near into a cluster of resistance around 2007.1, but maybe for small entry on a daily chart would provide a nice move up into the ADP employment report. If it is positive, then stay in. If it is negative, then bail out with a small loss is what I'd do.

If the market falls, then downward to 1758; otherwise, 2058 or 2007 would be a nice place to watch for any signs of a stall or reaction.