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Assessment: It all comes down to the jobs report in a little bit. Not that long ago a bad jobs report was seen by the market as a fast track to the Fed loosening rates. Today, a bad jobs report signifies a slowing of the economy and that creates a red flag. Always fun to see how bipolar the market can be on the same news event…just at different times.
Likely whatever the jobs report brings will dictate the first few hours and then I would expect the sideways action we usually see on a Friday. If we accelerate higher in the afternoon or move to new lows, that would be interesting. Especially if we make new lows because markets rarely bottom on Fridays.
Let’s see what happens!
Good luck in your trades!