The Non-Farm Payroll beat was the big news of the week. It seems that the market got a bit of a shock with the quite strong employment number which was well above expectations. It sent the yield on bonds into a breakout higher as interest rate speculators saw this as an indication that rates would rise sooner rather than later.
The Dow Jones cash daily chart showed a reversal to test support but still in weekly and daily uptrend. It could see a test of the kumo if the support fails.
The Nasdaq cash daily chart saw a small top reversal. The daily MACD is crossed down but still quite a bit above support.
The S&P 500 cash daily was rejected off the uptrend early in the week and ended the week with a test of support. I don't expect too much downside at this stage. Just have to see how it goes in the week ahead. There might be a test of the kumo if the support fails.
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