The bounce off the jobs report was short-lived. The utilities bounced early and UTIL moved back above the 50 week MA in the 413.3 area signaling blue skies ahead. This added street cred to the move up in the indexes, but, as the forced selling came in to meet yesterday's margin calls, the indexes drifted lower and UTIL lost the 50 week MA.
The TRIN has been under one today and now sits at 0.62 which is bullish for the day ahead, at least at this juncture. Perhaps the markets will turn happy once Europe closes within the hour. Bulls want the TRIN to remain under one today to give them a chance.
Watch UTIL 50 week MA which is now 413.21. UTIL last print is 410.63 so the market bears are in control of the markets. If the bulls cannot get UTIL above 413.21, it will be another painful long day. A move above UTIL 413.21 will signal that a snap back rally is taking hold for the broad markets.
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