Strong jobs numbers; oil dips to key support then rallies hard

May 5, 2017 10:36 AM

On a strong U.S. jobs numbers, we see the U.S. stock indexes mainly unchanged, while WTI crude oil futures may have made an important capitulation low today. WTI crude oil dipped overnight to a key daily chart trendline; this line held up extremely nicely as support, and oil is now $2.5 higher from that low. 

The euro/U.S. dollar (EUR/USD) currency pair continues to look strong, with a bullish hammer candlestick forming today, even after a 4 cent rally since April. 

Gold futures are unchanged today thus far, but could actually have more downside left. The next major level is $1,211, while the market is at $1,229 currently.

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