The S&P 500 continues to see a lot of influence from overseas and of course is reacting to the jobs numbers in America.
S&P 500
The S&P 500 was very noisy during the trading session here on Friday as the jobs numbers were a bit of a mixed bag. We have geopolitical issues in the Middle East that are obviously making a lot of headlines and quite frankly I think we've got a situation where there's just so much noise out there it's very difficult for traders to get excited about owning anything.
We are at the bottom of a range and as we roll into the afternoon, I think it will be very important to watch how the Americans close out the week because we have seen more than once the Europeans and the Asians selling everything they can and the Americans picking it up. If we close above the 6800 level without some type of major new headline over the weekend, I think this would be an extraordinarily bullish sign.
Market Resilience Amid Geopolitical Uncertainty
We'll just have to wait and see how things pan out but it is worth noting that even as bad as things are in the S&P 500 considering everything that's going on around the world it's really not that bad. We're only about 250 points from the all-time highs right now.
Think about that. There's been a war breakout with the Iranians and the Americans and the Israelis all firing missiles and the market has been resilient. I think sometimes you have to pay attention to what the market won't do and right now it's just not falling apart.
The question then becomes if all of this can't cause panic in the S&P 500 what actually can? Sometimes the market whispers what it wants to do. I'm not saying it can't fall from here but one would think that it would have happened already, so the resiliency is most certainly something to pay close attention to. I'm bullish although I recognize you're going to have to hang on to a lot of anxiety in the process.