Yesterday I wrote that the new low could be secure, I was wrong. Today the Unemployment number was better than expected but traders are selling US stocks taking the indexes to a new low today. The question is: Would the next unemployment number be better than this one?
The market is selling and the next target could be 50% Fib Retracement on SPX. I am not taking shorts at this time.
The data shows a clearer picture
From the 714 equities:
- 147 are below the 14D Simple Moving Average (SMA)
453 are above 200D SMA
The negative thing for the market is that only 160 are on ISI EXTREMES.
As far I was reviewing yesterday night, the Fund Flows where positive in US Equities, with today’s price action, they are likely to turn negative for the first time this year in 3 days cycle.
VIX futures printed 14.8 today.
