And Down We Go...

First Friday of the month, so everybody is watching the NFP (non-farm payrolls)-report. And the numbers were pretty awful. That caused the market to gap down and go even more in the red until lunch. That was where price bounced a little bit. With 90 minutes left in the session, a double bottom formed. But just like yesterday, no real bounce and a close near the lows.

That this mean there is more downside to come? Possibly, but the daily charts of the indices show there is good support close under these levels. It will be important to watch how price acts towards support and if it breaks or not. (See trendlines on the daily charts)

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals held up well and gold and silver were green most of the day. Copper lagging a little bit, slightly red.
The euro hit 1.3180 and then came down hard (-0.5% since yesterday's close).

But what about oil! After yesterday's big drop, today was even worse! Down 5% intraday on heavy volume and closing down almost 4%. It seems the Iran/Israel-worries are over and many are fleeing out of oil, all at once. Oil has lost 8% since Tuesday's top, and all this in only 4 sessions time...


Have a great weekend!!