Afternoon Note
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

Employment

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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| 12/29/2025 2:11 PM | Holiday Continues |
| 12/29/2025 9:44 AM | LARGE STAYS IN CHARGE HEADING INTO 2026 |
| 12/26/2025 12:47 PM | Slow Session |
| 12/26/2025 9:30 AM | The Market’s Gift: New Heights |
| 12/24/2025 9:10 AM | HO HO HO, MERRY CHRISTMAS |
| 12/23/2025 1:35 PM | Just In Time For Santa |
| 12/23/2025 9:26 AM | STRONG START TO A SHORTENED TRADING WEEK |
| 12/22/2025 1:37 PM | Broad Strength |
| 12/22/2025 9:26 AM | GETTING READY FOR THE YEAR-END |
| 12/19/2025 1:40 PM | Is Santa Coming? |
| 12/19/2025 9:38 AM | DEAR SANTA |
| 12/18/2025 1:44 PM | Markets Enthusiastic |
| 12/18/2025 9:28 AM | ORACLE CONTINUES TO HAUNT THE AI TRADE |
| 12/17/2025 1:23 PM | Technology Slides |
| 12/17/2025 9:40 AM | SPRING LOADED |
| 12/16/2025 1:44 PM | Drifting Lower |
| 12/16/2025 9:41 AM | JOBS DATA ARRIVES (FINALLY!) |
| 12/15/2025 1:27 PM | Choppy Action |
| 12/15/2025 9:38 AM | LOOKING FOR A NUDGE |
| 12/12/2025 1:29 PM | Friday Fury |
| 12/12/2025 9:45 AM | DO YOU HEAR WHAT I HEAR? |
| 12/11/2025 1:41 PM | Buyers Emerged |
| 12/11/2025 9:34 AM | THE GRINCH WHO SAVED CHRISTMAS |
| 12/10/2025 1:30 PM | The Street Awaits Fed’s Decision |
| 12/10/2025 9:41 AM | POWELL TAKES CENTER STAGE |
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