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The really important US number for the S+P 500 later today

There are a few US economic releases due out later today, but a lot of those are revisions. The really important release comes at 3pm GMT and that is the February reading of the service sector ISM (Institute of Supply Management) index. This is actually more important that the manufacturing index released last Friday. That is because services in the US account for at least 60% of GDP. So, this is forecast to come in slightly below the January reading at 53.4. The markets expect something around 53. However, we also have to look at the components. Those cover prices paid, employment and new orders. I will cover that in more detail later today ahead of the release. Yesterday, the S+P 500 narrowly avoided a really technically negative close last night. It still closed lower, from that was a new all time high, at 5,149.67. The one thing that saved it from posting an outside day reversal from that new all time high was the fact that is had reopened slightly lower earlier in the day (5,130). The index closed last night at 5,130.95. The futures are in the red this morning and currently pricing a reopening for later on at around 5,117 

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