I'd guess we'll now make a bull flag - that will take us into Monday, before moving into the mid 1440s by next Tue/Thursday.
sp'60min
sp'daily5
Summary
Another 'bad news is good news' day. 96k is good huh? That still doesn't even meet the 150/175k necessary just to keep 'real' employment stable.
*MACD (blue bar histogram) cycle on the daily cycle is now positive. Look at the daily chart, I've outlined a possible trend scenario for the next few weeks. What the actual price the next peak will be, that is too hard to say, but without question, immediate trend remains UP.
There is NO point shorting here until next week. Arguably, the most cautious bearish traders should wait until the FOMC of next Thursday.
I've a lot to say on the prospects (or lack of) of QE next week, but more across the weekend for that issue.
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*notable moves of the day so far...the metals, Gold swinging from -$12 overnight, to +$31 a little earlier. I guess the Gold market is expecting 'open-ended QE' next week.
back at 12pm :)