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S+P 500 still struggling for direction following mixed US PMI data

The US December PMI data, equivalent to what we had earlier here in Europe has just been released and was rather mixed, with a slight miss on manufacturing being offset by a gain in the service sector. That has delivered a modest gain for the composite index. The news has been greeted with yet more rapid price action in stocks and the USD/JPY. Initially, the USD/JPY tried to rise on this news, as it was overall positive, bearing in mind the service sector is the more important for US GDP. The US stock markets are still trying to digest this it seems and so far the tendency here would favour the downside from here on, but it is volatile and frenetic too and smacks of a market that is low on participation and liquidity. The S+P 500 is yet to fathom a really decisive direction to be honest, but the index certainly is not yet making any progress after the release of this data 
 

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