Another day of consolidation. Market opened almost flat then tested support around 825 and from there printed higher highs and higher lows. The day ended with a last minute rally that took the S&P 500 to just under yesterdays’ high. Volume was average.

Nonfarm payroll employment in March fell 663,000 which was a bit worse than the market forecast for a 650,000 drop. The ISM non-manufacturing composite index came out at 40.8 well below the 42.0 consensus before the announcement.
The S&P 500 is knocking at the door of the 850.00 resistance. The index also broke the November high downtrend but there remains to see it it will hold.

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