Already elevated on AAPL’s announcement of a historic buyback, futures popped on a weaker than expected jobs report.

The only problem is that this ramp puts them right back at the top of the channel which has prompted three previous tumbles. Will this one be any different?

continued for members…

There are quite a few algo drivers on the brink at the moment.

We’ll start with VIX, which has broken down and is, thus, suggesting that stocks will break out.VX futures, on the other hand, have clearly not broken down and are on the brink.

Add EURUSD to that list, as it has backtested into SMA200 resistance… …and USDJPY, which has backtested its former high and SMA50.DXY has obviously broken down to the support at the SMA50 and white channel line there.

CL is still on the brink, just below the SMA200 but on a TL from December……and RB has still broken down and looks vulnerable to 2.413 here.

Between the jobs report and oil/gas, TNX has gapped down almost 2%. The key price level for a breakout is ES’ high this morning of 5157.

Next week’s economic data:

Stay tuned…