Massive gains in the SP500 were primarily from Apple, etc. on Sept. 1st and 2nd and may have been anomalous. The majority of the index was already moving into correction territory. If this is the case then a 5th wave down perfectly meets at the 200MA. Economic indicators were somewhat positive on Monday (median income) and Tuesday (consumer confidence), but the NYC COVID cases are increasing and the global death toll hit a 1 million. What to watch:
TIME (ET) REPORT PERIOD ACTUAL MEDIAN FORECAST PREVIOUS
WEDNESDAY, SEPT. 30
8:15 am ADP employment report Sept. -- 428,000
8:30 am GDP revision (SAAR) Q2 -31.7% -31.7%
9:45 am Chicago PMI Sept. -- 51.2
10 am Pending home sales index Aug. -- 5.9%
THURSDAY, OCT. 1
8:30 am Initial jobless claims (regular state program, SA) Sept. 26 840,000 870,000
8:30 am Initial jobless claims) (total, NSA) Sept. 26 -- 1.45 million
8:30 am Continuing jobless claims (regular state program) Sept. 19 -- 12.58 million
8:30 am Continuing jobless claims (total, NSA) Sept. 12 -- 26.04 million
8:30 am Personal income Aug -2.6% 0.4%
8:30 am Consumer spending Aug 1.0% 1.9%
8:30 am Core inflation Aug 0.3% 0.3%
9:45 am Markit manufacturing index Sept. -- 53.5
10 am ISM manufacturing index Sept. 56.5% 56.0%
10 am Construction spending Aug. 0.7% 0.1%
FRIDAY, OCT. 2
8:30 am Nonfarm payrolls Sept. 800,000 1.371 million
8:30 am Unemployment rate Sept. 8.2% 8.4%
8:30 am Average hourly earnings Sept. 0.2% 0.4%
9 am Philadelphia Fed President Patrick Harker speaks
10 am Consumer sentiment index Sept. 79.0 78.9
10 am Factory orders Aug. 0.9% 6.4%
TIME (ET) REPORT PERIOD ACTUAL MEDIAN FORECAST PREVIOUS
WEDNESDAY, SEPT. 30
8:15 am ADP employment report Sept. -- 428,000
8:30 am GDP revision (SAAR) Q2 -31.7% -31.7%
9:45 am Chicago PMI Sept. -- 51.2
10 am Pending home sales index Aug. -- 5.9%
THURSDAY, OCT. 1
8:30 am Initial jobless claims (regular state program, SA) Sept. 26 840,000 870,000
8:30 am Initial jobless claims) (total, NSA) Sept. 26 -- 1.45 million
8:30 am Continuing jobless claims (regular state program) Sept. 19 -- 12.58 million
8:30 am Continuing jobless claims (total, NSA) Sept. 12 -- 26.04 million
8:30 am Personal income Aug -2.6% 0.4%
8:30 am Consumer spending Aug 1.0% 1.9%
8:30 am Core inflation Aug 0.3% 0.3%
9:45 am Markit manufacturing index Sept. -- 53.5
10 am ISM manufacturing index Sept. 56.5% 56.0%
10 am Construction spending Aug. 0.7% 0.1%
FRIDAY, OCT. 2
8:30 am Nonfarm payrolls Sept. 800,000 1.371 million
8:30 am Unemployment rate Sept. 8.2% 8.4%
8:30 am Average hourly earnings Sept. 0.2% 0.4%
9 am Philadelphia Fed President Patrick Harker speaks
10 am Consumer sentiment index Sept. 79.0 78.9
10 am Factory orders Aug. 0.9% 6.4%
Comment:
Cleaner look:
Comment:
Comment:
After today's selloff from the top: