Equity indexes closed with somewhat significant gains, sp +21pts @ 1773. The two leaders - Trans/R2K, settled higher by 1.5% and 0.9% respectively. Near term outlook is uncertain, and will be largely dependent on how the market interprets the monthly jobs data.
For many out there, I realise today was a truly annoying day, probably the most concerning since the market broke below sp'1815.
However, keeping the bigger daily/weekly cycles in mind, the market remains broadly weak, and is a long way below the 50 day MA @ 1809. This is no longer a market the bulls can tout as super strong. Key trends have been broken, the 'technical damage' has been done, as some chartists might say.
Tomorrow will indeed be critical. I will endeavour to appear in pre-market for the entertainment.
For those holding overnight on the short side, we need a full reversal, with a Friday/weekly close <1750, which will clarify that today was just a 'stupid bounce'. A weekly VIX close >19.50/20.00 would also be kinda important.
*the usual bits and pieces across the evening.