SPX futures are higher, taking out the 2289.14 high. The bearish count suggests another double zigzag that does not take out the 2300.99 high. A possible target may be the Cycle Top high at 2295.95.

I do not have a bullish view, although the current situation is straining my patience.

ZeroHedge reports, “Donald Trump's first official economic report has started off on the right foot, with the BLS reporting that some 227K jobs were added in January, far above the 175K expected, and in line with the ADP number.”

The number of Americans Not in the Labor Force plunged last month.

USD futures broke stride with the SPX in that it rallied overnight, but gave up most of its gains at the jobs report. The USD appears to be breaking its correlation with SPX, or it is possible that the rally in SPX may not last.

VIX futures slid this morning, as did their ETFs. This may be a retest of the Cycle Bottom at 10.40.

In summary, today may be a day of extreme retracements. We have yet to make the expected master Cycle low, which may be due in the next week.

Regards,

Tony

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