If yesterday’s better than expected ADP jobs data was bad news, then it stands to reason that today’s worse than expected DOL NFP print would be good for the market.  Well, that, and the 13% pounding VIX has taken…

As it was hammered back below its SMA10, ES was ramped up above its SMA10. Funny how that works.continued for members…

ES’ little triangle has resolved to the upside and its rise back above its SMA10 is technically bullish, but it definitely smacks of a continuation in the delay in a backtest. The question remains: to where?

NKD and DJI continue to levitate.

USDJPY continues to vacillate……as EURUSD bounces just enough……to keep DXY coiling just a little longer.

Gold is currently bouncing back above the TL it gave up yesterday – without having reached its SMA200 BTW.

And, silver has bounced back to its SMA10 after seeing its rising white channel break down yesterday.While BTC has retreated from its SMA50 and bailed on the opportunity to see a bullish 10/20 cross – at least so far. 10Y rates are falling slightly, meaning a slight increase in ZN – supportive of GC. Note that a drop in TNX while CL is rising goes against the grain.  So, one of them is probably not going to hold – I’m guessing CL’s rally will fail sometime soon.Notably, CL is pushing above its .886 and RB its former highs.

UPDATE:  10:15 AM

Final April New Orders just missed: -0.6% versus -0.2% expected. While “good news” for those hoping for a continuation of the Fed’s largesse, it joins the employment data and others in suggesting that stagflation remains a very real possibility.

Stocks, reacting more to VIX’s smackdown than anything else, should stall right here if they’re going to.

more later…