I Still Think it Matters

As we noted here and with Members earlier this week, the 4725 area on the S&P 500 Index had turned into tough near-term price resistance. 

And after this morning's hot jobs report, the initial selloff-turned-squeeze now seems to be slowing down right around that area, as seen and highlighted on the updated 10-minute S&P chart, below. 

Furthermore, the sentiment of the bounce seems aligned with bulls galvanized that they, once again like in 2023, has struck equity gold with a bottom before another monster squeeze. While I certainly cannot rule that out (especially after last year's market), a poor close today in stocks would add credence to the weakness we saw throughout this week as the young year kicks off. 

Also note Apple barely participating in the bounce, almost flat as I write this. Given the sheer size and amount of folks holding AAPL, the glaring early year weakness is a red flag many seem all too willing to overlook--One would think if the selling this week were overdone and today marked an actionable bottom, then AAPL ought to be reinvigorated and leading the charge higher.