Friday Outlook: Jobs Report to Test Bulls

Poor employment data Thursday was shrugged off and stocks managed to eke out small gains. The featured player today is the important jobs number so yesterday was just some preparation in advance of the main act.

What seems clear is recent spectacular rallies haven’t seen any follow-through and bulls will have to prove that’s not the case starting tomorrow.

Volume was light Thursday in advance of what should be more meaningful action today. Breadth was just okay and you’ll note the NASDAQ in particular had a mixed day with up volume heavier than A/D issues. I take the latter to mean a bullish focus in fewer names.

click to enlarge

I’m going to leave it here for now since there were few changes to charts, today is a big day and I have a medical appointment.

Let’s see if it’s another “Play it Again, Sam” day, or if bulls can spin even a crummy employment number their way.

Have a pleasant weekend.

Disclaimer: Among other issues the ETF Digest maintains a position in SH.