Nasdaq: The Market Just Voted With Its FeetMicro E-mini Nasdaq-100 Index FuturesCME_MINI_DL:MNQ1!woodpecker2021Three sessions, three lower POCs. That's the market's way of saying, "the fair value is lower than yesterday, and we're comfortable doing business down here." Price isn't just probing lower—it’s accepting lower. Every bounce has been met with sellers happy to reload inventory at progressively cheaper levels. Friday's twist? Stronger-than-expected jobs data. Normally, good economic news sounds bullish, but markets aren't trading the economy right now—they're trading rate expectations. A hotter labor market means the Fed has less urgency to cut rates, Treasury yields pushed higher, and suddenly those rich growth-stock valuations looked a little less attractive. The result: a trillion-dollar-plus risk-off tantrum as traders quickly repriced the "higher-for-longer" narrative. The declining POCs suggest institutions are still finding value on the sell side, while the sharp rise in volatility hints that positioning, not fundamentals, is currently driving the bus. The market's message is simple: "If rates stay elevated, we need a lower price." For this week, the key question is whether buyers can reclaim and hold above the most recent value area. Until then, rallies look more like short-covering opportunities than the start of a fresh uptrend. Expect two-way volatility, but the path of least resistance remains lower unless price can build acceptance back above last week's value. As long as Treasury yields remain elevated after the stronger jobs report, rallies will likely be viewed with suspicion. The market's current mindset is: "Great economy, terrible excuse for rate cuts." That is why good news became bad news on Friday. For this week, expect a 29,000–30,250 rotational range initially. A sustained move above 30,250 would shift sentiment toward a squeeze higher, while a break below 29,000 likely accelerates the next leg of the correction toward 28,500.