Better Than Expected Employment Numbers Pop the Market Higher

I have not been posting much of late because the market has been dull. The release of the employment numbers this morning changed that, at least for the moment. The ES jumped 14 points higher as non-farm payrolls increased by 243,000 versus an expected 155,000, private payrolls totaled 257,000 versus an expected 168,000 and the unemployment rate fell to 8.3% from 8.5%. This was enough to put a bid under the market.

There is plenty of resistance here in the mid 1330s on the ES and I'll be expecting a little bit of selling to come in. I'll look to take profits on any shorts around 1330-1331 and will consider longs again from there. In fact, 1331-1336 may prove to be a nice trading range to buy the lows and sell the highs. We'll have to wait and see the price action conform this once the ES does trade down to 1330-1331. I'll post in the comments if my thoughts change on this idea.