The monthly jobs report came out, and it has created exactly the kind of start that the bulls wanted. Weaker earnings. Weaker employment. High probability that the Fed is going to stop cranking rates.
Thus, the screen is all green .The S&P, NQ, and RTY are all spiking.
Bonds are also up, although not even above yesterday’s high, so it’s rather muted.
And the US dollar is in a free-fall.
It’s tough to know (impossible, really) where we’ll wind up at day’s end, since the market has to digest this news. Longer-term, the item I’ll be watching is the peak we saw on the /ES a month ago. If we push above that, it’ll add a lot more fuel to the bullish fire.
