DislikedThe fact that not even a good jobs number could lift equities beyond an initial push up means that there is absolutely no confidence in this market. We could be headed for more falls next week, and if they really snowball and people start panicking, then it could be 2008 all over again, only this time far worse. The Dax is approaching the Daily 76.4% again for the third time, so this is now the big support level. If it breaks, then it'll challenge the August lows which are on the weekly 200ema level. Personally, I don't think the crash will happen...Ignored
But in response to what you are saying, not to debate it but to offer another perspective, here are some observations:
- In spite of being NFP day, the volume is lower than yesterday
- What you call sell-off found support above yesterday's Globex close
- Most of yesterday's volume came around current levels
Adding to that the observation that many NFP days are 'fake-outs' into reversal levels, I'd rest my case on market direction until Monday.
As to the NFP numbers, I can't resist quoting the Whipsaw Song:
QuoteDislikedWhat do we do with the hot news flash?
We stash that flash right in the trash.
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But now weekend. Have a good one!