This morning the employment number showed a drop of 533k. This was much bigger than the 350K drop anticipated by the consensus forecast. Moreover the previous two months' reports were revised downward. This is widely regarded as terrible economic news.
Yet the S&P 500 futures are now actually trading higher than they were just before this morning's number came out. The market seems to have absorbed worse-than-expected economic news very well. This is evidence that a pretty bad recession has already been discounted in the current levels of the market averages. This is one reason why I think the next big move from current levels will be upward.