Futures plunged on Friday morning following disappointing employment numbers, specifically the non-farm payrolls report of 120K versus 200K expectations. All three of the major averages dropped close to 1%.
Futures are more or less flat ahead of this morning's open. It will be important to see if any buying can come in today. The ES closed below its up-trend channel support dating back to last December. Follow-through weakness by means of a lower close today will strongly suggest that there is further downside to this correction. If the indices don't close below Friday morning's low however, there will be no confirmation technically that the overall bullish action is finished.
Levels to watch today on the ES:
Resistance above at: 1379-1380, 1384-1385, 1391-1392
Support below at: 1371-1372, 1363-1364
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