The main index missed expectations by a hair but employment and new orders were soft and now the market is slumping.
Either sentiment is so weak that the bulls are running to the exits or this move is overdone. Put me in the second camp but 1538 is a big short-term level on the S&P 500 and if it breaks, the declines in risk trades will accelerate.
AUD/USD is looking particularly vulnerable although there is minor demand at 1.0280 and the Asian low of 1.0269. Better bids in the 1.0260/50 zone but with stops below.
