The bears are cracking support and the VIX is popping as mixed economic news and a Fed hangover continue to hamper the market.
Before the bell, the ADP Employment Change numbers failed to lift futures although they came in better-than-expected. The report showed that 209,000 jobs were created compared to a forecast for a print of 206,000 jobs. ADP also revised its February numbers to an increase of 230,000 jobs, versus a previous gain of 216,000 jobs.
The indexes took another leg down following the ISM Services report which slipped to 56 in March, down from 57.3 in February. The index had a print of 56.8 so this was a double negative.
The Dow is down 143 points to 13,056 while the S&P is lower by 16 points to 1,397. The Nasdaq is showing a decline of 53 points and is at 3,060.
The S&P Volatility Index ($VIX, 17.09, up 1.43) is up 9% and has traded to a high of 17.74.
It is hard to call market tops and we still need confirmation but our chart work is paying off once again as the clues we have given you for a pullback are coming into play.
We have gotten some nice pin action today with our current put options so let’s go check the tape inside our Members Area. We will be back Thursday morning with the latest and greatest.