Market participants appear to be quite confused this morning following the April employment report which missed expectations and saw a further large contraction in the labor force participation rate. Gold ($GC_F $GLD) is relatively unchanged and equity futures ($ES_F) experienced a mild whipsaw in the minutes following the release:


Given that it is a Friday and many of the major equity indices ($QQQ $SPY) printed large bearish engulfing candlesticks yesterday, today’s market action holds added importance. I will be focused on the $SPX 1390 level and the 50-day SMA (currently at 1386), should the S&P close below these levels on a weekly closing basis it would confirm yesterday’s bear engulfing candles and would not bode well for the overall health of the market. Anyone notice that crude oil ($CL_F $USO) has fallen apart in recent days? What happened to Iran?


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