Only 22,000 jobs were added in August, well below the 78K expected and 79K in July. The unemployment rate ticked higher, from 4.2% to 4.3%. Futures are higher on the news, however, as the slowdown bolsters the case for a rate cut when the FOMC meets on Sep 17.

continued for members…

Note that ES faces overhead resistance at the yellow channel midline and yellow 127.2 Fib at 6640.And, SPX still faces quite a bit of overhead Fib resistance as well as resistance from the yellow channel .786 line.

VIX was again hammered on the NFP print.

The DXY broke down again as interest rates plunged – both as a result of the NFP miss…

…and a breakdown in CL/RB ahead of this weekend’s OPEC+ meeting.

The 10Y finally broke down convincingly.

The 2Y fell just as much, however, reaching 3.47%. Therefore the 2s10s remained steady at 60 bps.