Sellers Take Charge Following Employment Data
The equity market sold off on the employment data. First, let’s look at yesterday action.
Yesterday’s TradeFlow chart shows how the market opened and traded, established support and then rallied to a resistance zone, and sellers took charge. The TF5m5D study began to roll over just as the market hit the resistance zone. For the rest of the day, the market traded in a range marked by the support and resistance zone. This is typical ahead of employment Friday.
This morning, the market gapped up on the initial news on employment data. However, sellers came in and the market started stair stepping down. At the moment, the TradeFlow study that tracks the difference between the buying and selling (TF5Um5D) was making higher lows, but the up trend line was broken, signaling more selling coming in.