Not much to update about for the weekend. The market reacted poorly to an improving jobs number that was clearly not what the street was looking for, sending the Dow to a 140 point plunge. There was also a good consumer confidence report- best since 2007. China, in the meantime, has had very positive numbers coming out as well, signaling a stabilization of their downward spiral from 9% GDP growth to 7.5%.
Obviously, the market was indifferent to these data points. It seems that the technicals are prevailing and driving the market instead. So, for now, we will sit out of this market until stocks get cheaper or break through resistance of the 20 and 50 day (orange and green trend lines).
S&P 500- Support at 100 and 200, but resistance at 50 & 20 day moving averages (green and orange trend lines, respectively).
