Unemployment jumped a bit and rattled an already fragile market. There is a long stretch between today and the next trading day on Tuesday and a lot of uncertainty between now and then. The S&P jumped up this morning but hasn’t been able to hold on so far. This is a good time to lock in profits if they are there and cut losses before the weekend.
You can see the rebound continuing, albeit very ungracefully. Most likely we will see some downside in the short week, but it is smart to wait and see where it opens to set up any new trades. Volatility is down a bit which may create some cheaper options and is a very small sign of a potential upward move but, if we haven’t said it enough, there is a glut of uncertainty here so safe moves right now are smart moves.
Have a great holiday weekend.
Keep learning and trade wisely,
Market Wealth Daily