Both Stocks and Mortgage Bonds are lower to begin the day.
ADP Employment Data
ADP released their weekly employment report, showing that private employers added an average of 10,000 jobs per week in the four weeks ending March 7. Job gains increased slightly from the previous weekly report, which showed 9,000. Still, this is projecting roughly 40,000 jobs created over the month, which is weak. And the last BLS Jobs Report showed 92,000 job losses. It will be very interesting to see how the March Jobs Report fares, which will be released April 3.
Technical Analysis
After rebounding yesterday, Mortgage Bonds are lower, trading just above support at the 99.99 Fibonacci level. If this floor fails to hold the next support level is at 99.77.
The 10-year tested support yesterday at the 4.332% Fibonacci level, which held and pushed yields higher. They are now trading in the middle of a range between the aforementioned support level and a ceiling at 4.491%.
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