We're just going to focus on SPX today. SPX has exceeded its target zone slightly, and future this morning are red on the back of the bad jobs number. Despite that, I'm not entirely convinced that the rally is over yet, because it still appears to need some 4/5 unwinds.
I'm not completely closed to the possibility that it's over, but I'm taking a "wait and see" stance for the time being.
In conclusion, ES futures are trying to convince everyone that the rally's over and done with, but we may just be seeing a normal back-test of the upper boundary of the black channel, so it may not be as bearish as it looks. We'll see how things shake out here over the next session or two and reassess if necessary. Trade safe.
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