Bloomberg reported that private payrolls rose by 71,000 in July, which is less than forecast. The S&P 500 declined 13 points on the news. In addition, bond yields continue to move lower; a sign the economy continues to struggle.
Today’s stock market close will be an important indicator of the short-term market trend. A close below 1100 on the S&P 500 would put the short-term upward trend in jeopardy.