Friday’s Jobs Report Will Move Everything
The market is now moderately overbought after yesterday’s rally with SPY closing with a ConnorsRSI reading above 70. Subscribers to the Daily Battle Plan should have locked in their gains in SPY on the close.
Friday’s jobs report is obviously going to move everything. It’s certainly one of the more interesting reports with the annual revisions, the end of benefits for longer-term unemployed, along with the snowstorms wrapped into one report. The official monthly “guess” number is projected to be 178,000. If by chance the number is significantly higher (and that’s part of the reason for Thursday’s rally), there’s money that went to the sidelines over the past three weeks which will likely find its way back in today and next week.