Blink, and you might have missed the selloff this morning when nonfarm payrolls came in much higher than expected but the January print was revised sharply lower.
Fortunately, the algos were on it, immediately crashing VIX to a point where a 15-pt decline in ES turned into a 15-pt gain.
This should put SPX at its 1.272 Fib extension, a potentially important level of overhead resistance ahead of next week’s CPI and PPI prints.
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ES came within 6 points of a key Fibonacci level on Monday, and has more recently been making minor pullbacks to test its rapidly rising 10-day moving average. The more important test will likely come next week when CPI and PPI are released.
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As a reminder, we will not be posting March 4 through March 6.
Trade safe, and we’ll see you all on the other side!
We’ve waited a very long time for SPX’s 50-DMA to reach a great spot for a small pullback. It’s finally here.
Will the market cooperate?
NOTE: I will be out of the office between March 4-6, returning on March 7.
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