Nonfarm payrolls soared by 353,000, more than twice the 175,000 expected. Average hourly wages also beat at +0.6% (+4.5% YoY) versus +0.3% expected. Unemployment remained at 3.7%. Forget about a March rate cut. Bulls will be lucky to get one in May.

The overnight ramp job has completely disappeared, with futures struggling to remain positive.  AAPL‘s meltdown hasn’t helped.

Factory orders and Michigan consumer sentiment are due out at 10ET.

continued for members…

With the withdrawal of the rate cut punch bowl, ES’ push to new highs overnight might be viewed as a wave 5. But, it leaves SPX without an equivalent new high. So, again, a breakdown of the channel is needed to confirm the change in momentum.

Note that VIX’s SMA10 moved back above its SMA20 yesterday. The margin isn’t much, but it’s positive. FWIW, RSI is mostly agreeing with the idea of a move higher (lower for stocks.)EURUSD is once again threatening to break down. One of these days, it actually will.

This opens the door for CL and RB to drop substantially, especially since OPEC announced a continuation of lower production levels.

It will be a fist fight, then, between upward pressure brought by the NFP print and the downward pressure exerted by falling oil/gas prices.

stay tuned…