By Gareth Soloway on August 4th, 2010 12:53pm Eastern Time
After jumping up and down early in the day, the markets are floating higher on extreme light volume during the noon hour. The key today was the ADP Private Sector Employment Report which showed a gain of 42,000 jobs. This was in line with estimates but pushed the market slightly higher as it gave traders some relief ahead of the Friday Non Farm Payrolls Report. On the chart below, note how the SPDR S&P 500 ETF (NYSE:SPY) has floated into the $113.00 level twice today, each time pulling back. While this level is resistance, the more it hits the weaker it becomes and is likely to break if volume continues to drop. The next spot is the $113.25 level.
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