The whipsaw market action continues this afternoon with a big index gap down following this morning’s ADP report. Private employers added just 77k jobs in February, far below expectations.
However, around 10 AM EST, we got news of potential tariff delays, and the market bounced well of its lows. We are retesting those lows now early this afternoon. As I said yesterday, this remains a daytrader’s market with lots of intraday volatility and headline driven action.
Looking bigger picture, both the S&P 500 and QQQ are sitting right at 200 day support. This is critical support for Bulls.
For the SPX, $5730-5745 is the key support zone.
For the QQQ, $487-492 is the key support zone.
