E-Mini S&P 500: Global Growth, Expansion Or Contraction?

Note: The traffic this morning overwhelmed the graph server. I'm working with the provider, and it appears everything is OK now. Here is the Employment graph gallery.The May ISM Non-manufacturing index was at 54.6%, up from 52.8% in April. The employment index increased in May at 54.0%, up from 51.9% in April. Note: Above 50 indicates expansion, below 50 contraction.

The Non-Manufacturing ISM for August came in positive one again showing a clear divergence between manufacturing and services.

By DeWayne Reeves:The E-Mini S&P 500 was pressured early on in the session as ISM data showed contraction for the first time in three years. The US Institute for Supply Management index of national factory activity dropped to 49.7 from the previous reading of 53.5. Expectations were for 52.0. The drop below 50.0 points to contraction for factory activity. The future new order portion of the report dropped to 47.8 from 60.1 in May.

By DeWayne Reeves:The E-Mini S&P 500 managed a climb to $1327.00 Wednesday. Technically, this signals a potentially higher market especially as technicians cite the "golden cross" as the 50-day moving average has advanced above its 200-day moving average.

By Doug Short: Yesterday the Institute for Supply Management published its latest Non-Manufacturing Report. The headline NMI Composite Index is at 54.7 percent, signaling slightly faster growth than last month's 54.2 percent. The Briefing.com consensus was for 53.7 percent. Here is the report summary:

Tomorrow the BLS will release the May Employment Situation Summary at 8:30 AM ET. As I noted in the weekly schedule, the consensus forecast for payroll jobs seems too high; Bloomberg is showing the consensus is for an increase of 190,000 payroll jobs in May, and for the unemployment rate to decline to 8.9%.

A quick look at economic data from Markit shows a recovery of sorts in Germany (it will not last) and a contraction in France at the steepest rate in four years. Meanwhile, Italy saw a PMI survey-record decrease in services employment in January. France - Sharpest Contraction in Four Years The Markit France Services PMI®, shows service sector business activity falls at sharpest rate since March 2009. Key points:

By DeWayne Reeves:The E-Mini S&P 500 trended lower Monday after last week's double-top sealed the near-term fate of the market. The E-Mini S&P 500 is entering "oversold" territory where the selling has slowed somewhat. The contagion fears from the Euro Zone have global consequences as the major nations all seem to have slowed economic growth.