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The S&P futures are climbing past our 1st tier uptrend and downtrend lines along with the psychological 1050 level despite weaker than expected economic data. Both the ADP Non-Farm Unemployment Change and ISM Non-Manufacturing PMI disappointed expectations, signaling unemployment continues to drag despite the pickup in manufacturing and improvements in corporate earnings. Today's data supports the belief that the unemployment market is still too weak for the Fed to begin considering a tightening of liquidity. Therefore, investors seem to be pricing in a neutral monetary policy stance from the Fed later today. The Dollar is weakening across the board, buoying equities and sending crude above its psychological $80/bbl level.
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