Jobs, Jobs, Jobs .....OR ....... Where did the Bulls Go, ooff, ooff, ooff  (Sing to the tune of "Who Let the Dogs Out")

8:08 PM EST

On last Sunday's commentary it was noted that the Bulls had returned and rallied price up and over the 50 SMA.  But it was also noted that things looked a bit weak, and that the burden of proof that this rally would continue was on the Bulls.  Yup, volume was noted to be on the decline as price moved up indicating fewer and fewer people willing to jump in at the rising prices.  Sadly, after a false breakout on Thursday May 3rd, the Bulls ran home leaving the Bears to lick their chops with glee!

Thursday the Bears began to take control.  But while it was a down day, some Bulls hoped for a turn around.  Then those dirty little reports about jobs came out on Friday.  And well, the Bears were chomping at the bit, just waiting for the opening bell .  When the bell went off,  "Fear Factor" began.  What?  No, different show.  This one's about being long and losing money!  The Bears went to work and chomped down on high prices all day.  One could almost hear the Bellamy Brothers (Trading Places, circa 1983) yelling "Sell! Sell! Sell!"

Not much else to say.  Monday will most likely be a continuation of Friday's dump.  And the 100 MA that coincides with the previous 2 lows should be a good support.  Better still could be the higher lows indicated by the arrows on the daily chart.  So the turn around could be about 129.50  Longs...... hold on to your hats, it could be a bumpy ride!

OK, a few charts below.  Bottom line is this.....  Support for the DIA area of 128 and Resistance at 132.50

CURRENT MARKET TRENDS
Short Term (Daily Chart) – Down
Medium Term (3 day chart) – Sideways Consolidation
Long Term (Weekly Chart) – Up