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Futures are flat this morning, On Friday The May Services PMI numbers from Europe were down from April and stocks moved modestly lower ahead of the jobs numbers. The Labor Department reported that Non-farm Payrolls rose in the month of May by a measly 54,000. This was well below consensus estimates for an increase of 244,000 as well as the adjusted estimates that had been coming down all week. The private sector showed gains of 83K jobs, which was also below the estimates. The Unemployment Rate rose to 9.1%, which was above the expectations for a reading of 9.0%. As a result, futures moved sharply lower.
Friday's session tumbled sharply at the open dropping fifteen points to put the low of the day on the chart within the first few minutes. But as we often see after a jobs report, the SPX started clawing its way back. The index had recovered twelve points before 1:00 pm to put the high of the day on the chart but a retest of the lows was in store and sellers began to take the index lower. During the final hour the lows were successfully tested and the index then rebounded modestly to close the day four points off the lows as the week closed near the weekly lows.
8.2% of the SPX are above their five day moving average, 20.2% are above their 10 day average, 22.8% are above their 20 day moving average (this is actually very bullish, we should get a nice rally) , 32.4% are above their 50 day moving average, and 70.6% are above their 200 day moving average. |
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| The volume on Friday wasn't heavy, only thing one should note is in the late day decline it spiked. |
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| Advance decline is still holding up well |
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| At the low of the range but the oscillator has a long way to go to call a bottom. (thats been leading the way) |
Looking for a 40 point rally in the SPX beginning this week.
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