An extremely disappointing payrolls report put February new hires at 20K. I had to look twice, certain that a digit had been left out.To make matters worse, hourly earnings spiked 3.4% YoY, far in excess of what all the Goldilocks models suggested. It should be entertaining to see how Kudlow et al. spin this one.
Meanwhile, our targets are being hit left and right. ES came within 1.21 (so far) of our next downside target.On the currency front, EURUSD nailed our next downside target……USDJPY plunged right through its nearest support and is closing in on our secondary target……and DXY is again approaching our upside target.CL and RBOB’s selloffs are accelerating after tagging our upside targets.
S&P futures are currently off about 20 points. But, our models suggest SPX should tumble a minimum of 35 points before all is said and done. If that support doesn’t hold, there are potentially very large declines ahead.
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