The S&P 500 hit $115 and a quarter right above the January highs, but we’ve failed to get convincing support so far even though all eyes are glued there. Next support is all the way down at $113-plus (50% retrace) and internals are quite awful yet again. I want to put more capital to work, but feel forced to keep it small for now even as I peel off hedges. There is still the chance that we see some shorts squaring up into the jobs report, but there are so many cross-currents right now, it’s fast break mode for the week.
