Futures shot up 10 points after this morning’s disappointing jobs report, meaning the bounce off our 2157.47 target, yesterday, is for real. So, is the “market” out of the woods? Not necessarily. CL plunged through channel support yesterday, and has further to go if the longer term channels mean anything.
The upshot is that while SPX will most certainly pop on algo response to the jobs report, it’ll just as surely drop if CL can’t break out.
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