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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| 10/15/2025 9:53 AM | STRONG “DOWN” DAY |
| 10/14/2025 1:27 PM | Intraday Recovery |
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