EB Daily Market Report - Wednesday, April 2, 2025

Dear Members.

A brief update here as the market awaits the non-stop hype of a more definitive tariff policy that will take place right after the bell.

At the moment traders are betting the tariff announcement won't be as punitive as might have been expected. Of course this is purely a guess but right now all of the major indexes are higher on the hopes that this will be the case.

Adding to today's optimism were some better than expected economic reports including the ADP jobs number that shows a decent employment picture. Traders will now await Friday's jobs report which could have a major impact on near term trading.

Today's move higher has resulted in the Dow getting back over some key technical levels but the S&P and NASDAQ still have work to do if the bulls hope to regain the momentum. That would include the S&P closing back above its 20 day moving average, currently at 5703. To the downside, should early gains not hold, watch to see if yesterday's low of 5558 holds. 

Not much more to discuss with such a major event coming up in just a few hours. And until we see the S&P regain technical footing the bears still have the near term edge.

At your service,

John Hopkins