When the market opened under pressure, there was an outside chance a benign ISM Non-Manufacturing number would spark a move higher. As it turns out, the number was much higher than expected - dashing hopes.
While there was a bump in most components, the longer-term downtrend remains.
ISM Service ISM
Unfortunately, prices remain elevated.
And new orders declined as well.
The market needs to find a way to stay near the 200-day moving average - pulling back could be detrimental.
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