This morning’s better than expected Jobs Report sent US Equity Indexes into or above key target areas that – if the momentum continues as it appears currently – will break price into New Recovery High territory which you’ll want to monitor closely.

Let’s take a look at the S&P 500, Dow Jones, and NASDAQ to compare current structure and what may occur on a breakthrough beyond these prior high resistance levels.

First, the S&P 500 Daily Chart:

Uncertainty sends euro down on risk aversion

There is just enough uncertainty in the FX market to send the euro lower today in forex trading against the US dollar. The 17-nation currency is heading lower as concerns about Greek debt remain, and as forex traders consider the United States.

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The market surged higher on Tuesday and investors started the year off on a positive note. Since then, the momentum has stalled and stocks have not been able to move higher in the midst of strong economic news. This morning, the Unemployment Report showed that 200,000 new jobs were added in December. Initially, the S&P 500 rallied on the news. Decent job growth was already priced into the market and stocks are drifting lower. Yesterday, ADP employment exceeded expectations and initial claims declined more than expected. ISM services and ISM manufacturing both came in ahead of estimates.

Following up with my prior inter-market post this week “Something’s Gotta Give,” let’s take a look at the sharp down-move that developed since then as seen in bond funds IEF and TLT.

Let’s start with the 7 to 10-year Treasury Fund IEF: