We await the key monthly jobs data...
update: July: 163k vs 100k consensus, rate 8.3%
The raw 163k number is indeed way above most expectations..futures now sp+18pts
Sp'60min
sp'daily5
Summary
I will look to short any opening bounce we get, first target remains sp'1340.
Certainly, 1380 is some soft resistance at least, I would be surprised if we can hold these pre-market gains for more than the opening 30 minutes.
*we also have ISM non-manu' data later at 10am. Will the service sector also show some weakness?
Good wishes for Friday trading!
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Update 9am.
Those looking to short after the open, looking for a black candle on IWM, and a possible hollow red reversal candle on the VIX.
I find it hard to imagine we can hold over 1380 for very long. I've certainly seen plenty of posters tout new highs of 1425/35, but I don't think so.
So...look to IWM.. in that opening 15/30minutes