If I take a look at the chart of ADP, along with the development of the broader markets (those charts not captured), I'd be on the hook to look at the Unemployment Rate being at the consensus of 3.7%; however, it it comes in at 3.5% as it did in August (where it referenced July), then you could see some buying pressure -- nevertheless, I'd be looking at shorting opportunities into any bullish movements (that is just me).
U.S. Dollar continues to be strong with Energy and Treasury Rates, while Financials remain weak.
All-in-all, the thought of the markets 'skyrocketing' are just not in the cards for me. I think we're setting up for an October 4th retest of those lows.
2022-08-05 Reference Jul Actual 3.5% Previous 3.6% Consensus 3.6%
2022-09-02 Reference Aug Actual 3.7% Previous 3.5% Consensus 3.5%
2022-10-07 Reference Sep Actual (TBD) Previous 3.7% Consensus 3.7%
U.S. Dollar continues to be strong with Energy and Treasury Rates, while Financials remain weak.
All-in-all, the thought of the markets 'skyrocketing' are just not in the cards for me. I think we're setting up for an October 4th retest of those lows.
2022-08-05 Reference Jul Actual 3.5% Previous 3.6% Consensus 3.6%
2022-09-02 Reference Aug Actual 3.7% Previous 3.5% Consensus 3.5%
2022-10-07 Reference Sep Actual (TBD) Previous 3.7% Consensus 3.7%