Short and Sweet- A few quick thoughts ahead of today's NFP- One key thing to note- of the few assets that have correlated well with Stocks in the last few months, two of these, WTI Crude, and TNX, have both broken support and turned down sharply in the last week. Stocks thus far have held up admirably, but will need to be watched carefully in the next couple days for their own signs of material weakness.
Key support lies at 2040, then down near 2032-4 with breaks of 2020 allowing stocks to join WTI in weakening further down under 2000
WTI CRUDE has weakened after a very stealth breakdown last week- Additional weakness looks likely ahead of this month's meeting and Crude looks vulnerable to $36, potentially $34.5-$35.
EURUSD has broken out above its consolidation, formed last October, and should continue to trend higher in the days and weeks ahead. While NFP could have an effect on the US Dollar, this chart still shows a very constructive move above two prior highs which had formed a mini Cup and Handle pattern, and should allow for further acceleration up to near 1.17.