The reaction in the S&P/ES and other indices following Friday’s jobs number has, so far, been negative. I’m writing this at 12:00 PM, EST so the the afternoon could see a reversal and a potentially more bullish close.

Regardless, the salient point to be made at this time is that a close below Thursday’s 1412.20 low in the S&P cash, and a close below 139850 basis the S&P mini-futures (ES) is bearish. A close below 1395 in the S&P cash and below 1387 basis the S&P mini-futures (ES) is very bearish.