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Afternoon Note

No Spark Higher

By Charles Payne, CEO & Principal Analyst
12/5/2022 1:26 PM

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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