A lot of chop this morning in the futures following the jobs report. In addition to USDJPY — which is mired in between all its daily moving averages, keep an eye on SPX’s acceleration channel.
UPDATE: 11:20 AM
FWIW, SPX just tagged the purple 1.618 set up by the drop from 1897 to 1814 in early April. In an unrigged market, not run by algos, I’d say this is a good spot for a reversal to at least the yellow 1.618 at 1918.36. In a more normal market, maybe even the purple .786/yellow 1.272 at 1879. In a market reflecting the real economic state of affairs, interest rates, earnings, etc. — more like 1800 or lower.
Enough “what-ifs.” The bears will be lucky to get a gap fill at 1940.66.