Opening View: DJIA Futures Plunge 80 Points Ahead of ADP Jobs Data

Falling commodity prices provide fuel for Wall Street sell-off

Futures on the Dow Jones Industrial Average (DJIA) are trading sharply lower this morning, pointing toward a potential opening loss of about 82 points. The S&P 500 Index (SPX) is also on the rocks this morning, with futures trading about 9.4 points below fair value. Yesterday's modest bump, following the release of minutes from the Federal Open Market Committee's latest meeting, has faded quickly, with a sharp drop in commodities and anxiety ahead of today's ADP employment report taking center stage.

Technically, short-term resistance at the 11,700 level looms large for the Dow, with the blue chip barometer closing a hair's breadth below this hurdle on Tuesday. Look for the DJIA to struggle here today, while support should materialize near the 11,550-11,600 region. Meanwhile, the SPX edged above 1,270 yesterday, but the victory appears to be short lived. Resistance remains firm in the 1,275-1,280 area, with short-term support creating a floor near 1,255-1260.

-Schaeffer-