Futures Decline On ADP Jobs Report And Earnings

Good Morning All! Pre-market futures are heavily down this morning on the ADP jobs report that showed that US companies cut nearly 700K jobs in December of last year (that's right we are in 2009 remember). To add to the bad news floating around out there, earnings haven't been all that great. Time Warner posted a loss after a $25B writedown of AOL, and Intels Revenues decline nearly 23%. So needless to say, we are getting back to reality out there that things aren't all that peachy in the economy. As usual, here is the S&P support and resistance targets for today. Please notice that the support levels are much closer than usual. This is because after such a large run up, the chances of a one-day blow-out sell off are pretty slim. Still, I'll be waiting for the lower of the two (917 or lower) to exit my index puts.