First Friday of the month, so we're up for the NFP, aka the job report. The numbers are good and futures climb in pre-market. So we open with a gap up, rise a bit more and then the downfall begins (about 1% from top to bottom for the S&P). The market finds resistance near previous September highs - for the Dow and S&P500, that is.
Is this just part of more basing at these levels, or are we in for a correction? Nasdaq has the worst looking chart with a bearish engulfing candlestick on the daily chart.
5m-chart SPY:
Daily charts DIA, SPY, QQQ and IWM:
Euro, oil, metals
The euro keeps the 1.30-level and trades breakeven. But oil drops almost 2% after yesterday's big revival.
Metals also drop, silver is the worst performer, down 1.4%.
Have a great weekend!
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