A little bit of excitement this week, but as of Thursday’s close, the market is pretty well at where it started …SP down ~35 and a rebound of ~25 handles….”All in, unfortunately we probably have to sit through 3-4 days of possible churning as there is little in the way of anything fundamental coming out ahead of NFP#..
Unfortunately, the NFP# is now unlikely to help settle the debate of (QE vs. growth) for the market and it’s investors. Unless the number surprises dramatically in either direction, the event may be a muted one as the market has probably had its share of excitement for the week. All the 'noise' this week has either created a selling opportunity back near highs now (if ‘damage’ has been done) or we’ve seen the necessary 2-3% ‘healthy’ pullback before an eventual move to SP 1400.
In all, SP holding 20MA by Friday’s close might go a long way in answering that question.