On Friday the US ISM non-manufacturing PMI print will be released and is a major focus for markets. In January the print came in very high at 55.2 and was a sharp spike higher. So, the best opportunity this week will be if the reading comes in below minimum expectations at 52.4 or lower.

Seasonally, the S&P500 tends to gain after a US ISM non-manufacturing PMI print, so a weak print on Friday could provide a decent scalable opportunity. This is one to watch for sure.

Major Trade Risks: The major trade risk here is that there is another high print which could encourage hawkish Fed bet and that is a natural headwind for the S&P500.

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