The thinking goes like this: a strong jobs report is bearish for stocks because it might delay the Fed’s eventual pivot; while, a weak report would be bullish because it might accelerate the Fed’s pivot.

The futures are on the fence, but not for long.

continued for members…

The equity picture is little changed from yesterday, with the rising SMA10 due for a backtest at the very least. The EURUSD is still slipping, but hasn’t broken down again just yet. USDJPY is still playing defense, while DXY is still inching higher. After all the OPEC+ excitement, we seem to have a real breakout in CL/RB…

…which explains the 10Y’s continuing march toward 4.264.

GLTA