Expectations of 50k jobs added were just about dead on this morning.  Consensus for the unemployment rate was 6.7%, but that came in much better at 6.3%.  In the wake of the open, stocks seemed to be enjoying the reading.  New all-time highs were seen in the S&P, Nasdaq, and Russell. The Dow fell 40 ticks short of doing the same. In addition to the positive jobs data, the Senate voted to push through a $1.9 trillion covid relief package without any GOP support. The bill will now head to the House, where it is unlikely to face a whole lot of headwinds from the Dem majority. 

Despite the good news, it looks like a lot of traders took advantage of the higher prices by taking some profits. The indices all showed short-term overbought readings when on their highs and are now heading back towards unchanged/negative. We’ll see whether or not we see another correction of note, but the fact that we’re already printing new all-time highs after what we witnessed last week shows you that the buyers are still out there. 

E-mini S&P 500 Mar ’21 Daily Chart
800-669-5354312-373-5342Series 3 Licensed

Bill Dixon

Senior Market Strategist
Bill began his career working with a firm of technical commodity traders specializing in the treasury and metal markets. In 2006 he moved over to Lind-Waldock as a broker. Bill joined RJO Futures in 2011.
Read More