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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.

"... To put this in practical terms, let’s go through the SP500 setup one more time:

  1. It just had a text-book bounce off the low-end of my immediate-term 2167-2192 risk range
  2. It’s still signaling bullish from an intermediate-term TREND perspective (2141 support)
  3. It’s likely going to have a big move in/out of the US jobs report on Friday

If the jobs number is a bomb (Dollar Down, Rates Down), can stocks rip? Yes. If the jobs number is rainbows and puppy dogs (Dollar Up, Rates Up), can stocks get ripped? Yes. Can anything happen in between? Yes."

CHART OF THE DAY | Stocks: Puppies & Rainbows? Or Jobs Report Bomb - 08.30.16 EL Chart