Hawks on the Offensive

Despite mixed opinions about this morning's jobs number, plenty of hawkish commentary viewed it as strong enough for the Fed to raise rates in September. 

Regardless of the macro analysis, though, equites remain locked in a sideways range since late-August, seen on the updated and zoomed-out 30-minute chart of the SPY (S&P 500 Index ETF), below.

Perhaps what has been most notable about the current range has been the plethora of sharp overnight gaps in both directions, which likely has punished many a swing and options position along the way. 

While BBRY being slightly higher this morning is getting the hopefully BlackBerry bulls revved up, the reality is that BBRY remains damaged goods on many technical fronts. Netflix is more significant, in my view, an idea we have been tracking closely inside Market Chess Subscription Services. 

Small caps are also well off the morning lows. But, again, that is far from a long signal in this tape.

Above all else, I am looking to see if sellers make another push down before the long, holiday weekend hits home this afternoon.