sp'daily8 - bollinger/Keltner bands
sp'daily5b - best guess
sp'weekly2, rainbow
Summary
Well, I spent the entirely of today watching..and waiting. It was certainly a somewhat frustrating day at times. The opening gains looked weak, and failed as I expected...but as I also feared, there was likely to be a latter day recovery-ramp.
We did indeed see a latter day recovery wave higher...but interestingly, we didn't break the morning high of 1562.
I am now heavy short from sp'1557, seeking an exit tomorrow in the sp'1542/38 area. We could easily get stuck at the recent 1538 low.
A late day failure to hold 1538, would open up the 50 day MA,which is lurking around 1530. So...don't be surprised if sp -29pts tomorrow.
Looking ahead
We have the big monthly jobs data. It usually seems like the BLS use a random number generator to provide data, but still..it is what it is. Market is expecting job gains of 193k, with a static rate of 7.7%. I'd be surprised if we come in anything above that.
That's all for today...I hope some of the intra-day stuff was useful. If you like my site...then all I ask, is please link to me, if you have your own blog/site!
Goodnight from what remains...an icy and snowy London