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Takeaway: After yesterday’s monster move, for this market to be flat on the day is saying something.

POSITIONS: 11 LONGS, 7 SHORTS

After yesterday’s monster move, for this market to be flat on the day is saying something.

It either means tomorrow’s jobs print is going to surprise on the upside, or people are about to get run over again on the long side – either way, we’ll have a big move!

I respect the signals above the noise – and both our research and risk management signals are telling me that there’s an increasing probability that headline employment trends continue to improve.

Yes, that would be bad for bonds; bad for gold, relative to stocks (2 of my 7 SHORTS are GLD and GDX).

Across our core risk management durations, here are the lines that matter to me most:

  1. Immediate-term TRADE resistance = 1474
  2. Immediate-term TRADE support = 1449
  3. Intermediate-term TREND support = 1419

In other words, the SP500 is in a Bullish Formation (bullish TRADE, TREND, and TAIL), and the research signal on #GrowthStabilizing confirms that risk management signal.

KM

Keith R. McCullough
Chief Executive Officer

Bullish: SP500 Levels, Refreshed - SPX