S&P 500 futures cratered just over 70 points in 6 minutes after the NFP came in higher than expected. This took futures quickly under the 38% retrace at 4047.25 down the 62% retrace at 4005.75 before the day session open. Sounds good for bears right? I agree but the market wasn’t interested in any morning continuation but instead went on a steady grind up. Now as I type this S&P 500 futures are up against 4069.00, another retrace value. I say this is the line in the sane form bears. They have to act here or allow for yet another swing high, say 4116.25 or 4136.25. Conversely, bears could start to filter back in here and end up at least back under 4047.25 by late in the day.
I’m also pretty interested in Euro as I think it also very close to being done with its bounce. Here a similar story to that in S&P 500 futures today, an initial drop and morning recovery but still under the 1.0553 resistance.
Might as well peek at gold as well. Nice drop but couldn’t get under 1797.00 and the same recovery as Euro and S&P 500.