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Quick Knee Jerk Move Largely Reversed Post-Payrolls

CROSS ASSET
  • Markets undergo a short-lived, knee jerk reaction following the Nonfarm Payrolls release, with little clarity over direction given the mixed data.
  • While headline NFP beat expectations, the previous was revised lower and underemployment and AHE simialrly missed.
  • Bonds, Equities and currency swiftly return to pre data levels. The tech view remains relatively unchallenged, with the S&P E-Mini remaining bearish for now.
  • Key resistance remains the 3914.41, the 50-day EMA. A clear break of this hurdle is required to suggest potential for a stronger recovery and possibly a reversal. On the downside, a break lower would confirm a resumption of the downtrend with the focus on 3778.45, a Fibonacci retracement.
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