Unemployment Hits 9.7%...Futures Near Even...

After the close - with 1 minute to go the SPX made a lunge for the resistance line and hit 1,016.48, but just could not cross 1,017 and closed at 1,016.40...it was a valiant effort but it just wasn't to be today...it creates excitement for next week to see if the buyers can break 1,017 early Tuesday or if it will be a pull back first...I'll be back later on with the complete Friday post... 3:53 pm ET - their stride is starting to falter...do they have it...do they have it...gasp...gasp... 3:51 pm ET - new intra-day high 1,016.34...but gasping for air... 3:39 pm ET - they're beginning to weeze at 1,016.10...gasp...gasp...hold on...hold on... 3:45 pm ET - the runners are rounding the final curve to head into the stretch run...buyers not yet been able to kick it through but they are picking up their pace now at 1,015.61...will they be able to lunge through the resistance line and win...we'll know in 15 minutes.... 3:06 pm ET - the runners have just entered the final lap of the race and buyers have stepped it up as the SPX at 1,015 is rising towards its high of the day...we'll see if the buyers have anything left as they speed towards the resistance line... 2:18 pm ET - Hey my TOS platform just flashed a message that "Today's 3:30pm CDT Weekly Market Wrap features Tom Sosnoff and Dave Johnson. Access details are available on the thinkorswim website." And it was in red just like that...I think I'll show and see what these guys have to say. :) DOW has been in our At the Open list for many days and is finally delivering the Brother of All Support Bounces today... (click image to enlarge) 2:15 pm ET - well if you didn't believe in old support being new resistance and in those S1 levels before today you should now...the SPX moved to 1,016.31 before pausing and pulling back...gee S1 at 1,017...rally reaches 1,106.31 and then pauses...naaahhh gotta be just an accident...nobody really watches these alleged support and resistance areas...gotta be an accident... 1:32 pm ET - I am just sitting around making money today...and I was wondering is there anybody out there that listened to me over the last few weeks on this BDK chart? You are allowed to let me know in the Comments section...That's it? Nobody else heard us mention BDK? (click image to enlarge) 1:26 pm ET - 1,017 the SPX is gunning for you...watch out it just might break you.... 12:20 pm ET - SPX pushes through 1,007 -1,009 resistance moves to 1,013...next level 1,017 August 21 S1 level...hope you're on board the support bounce... 10:45 am ET - this morning is another example among thousands through the years how economic news is not an intermediate term trend changer...it always amazes me how many individual investors overweight a pending news release in their thinking...I may discuss this again more later in the end of day post...after an early push and pull back the SPX is touching its high point of the morning just above 1,008...this is area of Tuesday's R1and the first key area of short term resistance...other sectors have started to gain strength with Consumer Discretionary XLY +0.93%, XLI +0.85% and XLK +0.71% moving ahead of XLK and XLV...so the rally is a little more broad an hour and fifteen minutes into Friday morning...Semiconductors $SOX +1.32% are relatively strong this morning with MRVL +2.13%... 9:42 am ET - FUQI +4.33% is continuing its support bounce this morning... 9:40 am ET - all sectors are higher with Healthcare XLV and Financials XLF taking the early lead...so it appears the cash markets are absorbing the Unemployment report is context of the support bounce that started on Thursday... 9:35 am ET - Financials XLF is the leading sector minutes after the open...BAC +2.08%...C, RF, ZION, KEY, USB and STT showing initial gains...so this is a bank led financial rally we are seeing this morning... BMO – ES +2.25 and NQ +5.25 futures are slightly higher in pre-market trading pointing to a flat to slightly higher open. GOOG -0.58, AAPL +0.85 and BIDU -1.98 are mixed in pre-market trading. The Unemployment Report out this morning was 9.7%, a 26 year high, above expectations of 9.5% while non-farm payrolls fell by 216,000 slightly less that the 233,000 estimated. ES futures had been up about 7 points prior to the report being released, pulled back after the report was released and are now holding near even minutes before the open. We'll watch for the reaction in the cash markets once they are open. Watch the SPX 1,007 to 1,009 area as the first level of short term resistance and 995 as support. Expect volume to taper off during the second half of the trading day before the three day Labor Day weekend. Market will be closed Monday. Trade with the trend of the stocks you are trading. Look at these Charts… (click image to enlarge) At the Open on Friday SPY – QQQQ – WLT – JOYG – AMX - DOW – AGU – X – DE – FWLT – WHR – AXP – PCLN – BDK – BAC – FAS – ZION – AAPL – PCP – FUQI – PWRD – FCX – CAM – MHS – TGT – ARO – ANF – GES –