S&P 500 Technical Analysis – Growth fears back on the menu ...Middle East

Fundamental OverviewThis week the growth fears came back as the we got a couple of soft US data. Most of the weakness can be attributed to the ISM Manufacturing PMI which disappointed as it missed expectations, and the new orders index dropped further into contraction.Overall, the report was much better than the prior month, but it looks like the market wants to err on the defensive side heading into the NFP report tomorrow. We also got the US Job Openings data yesterday, but it was July’s data which was bad for many other indicators as it looks like short term factors negatively affected the data.We are going into the NFP report with a 50/50 chance of either a 25 bps or 50 bps cut at the up

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