The S&P 500 futures just barely tagged 4216 and then pivoted almost instantly. As predicted, the index is moving sideways today. Do your best to try to enter around the 4215 WEM high level if possible. Otherwise, you can try for a dip early next week. It might make sense to wait toward the close. On uptrend days, the market often curls back over during the last hour. FOMO (fear of missing out) might nip that in the bud today, but patience is usually rewarded.

Tech continues to be noticeably weak, we will see how the rest of the day goes, but rotation favors cyclical and inflation beneficiaries. Notably, the April employment report missed the estimates by a country mile. 200,000 new jobs versus estimates of 1.5 million. Someone should get fired for that miss.

Wages were up 0.8 % – more evidence of inflation. When wages begin to respond, it will be hard to put the genie back in the bottle.

Have a great weekend.