sp'60min
sp'weekly
Summary
*awaiting the big monthly jobs data.
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It would seem a clear case of 'it had better not be too good a number.. or good news is bad news'... in that the market would start to look toward higher int' rates in September.
I would imagine a number of 240/60k, with a marginally lower headline jobless rate of 5.4%.
Regardless of the jobs data though, market will be more concerned with the looming Greek referendum.
All things considered, I expect a net daily decline today... into the sp'2065/55 zone. Certainly, the hourly equity/VIX cycle favours the bears for ALL of today, and early Monday.
It could be a rather exciting day!
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Overnight China action, -3.5% @ 3912. Another rough night for the retail amateurs in China, with a rather key daily close under the 4K threshold. 3400s are clearly viable within the near term. If that fails to hold.. then 2500 this autumn... an effective 50% crash across mere months.
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Have a good Thursday
8.30am Net job gains: 223k, headline jobless rate: 5.3%, hourly earnings u/c.
Ironically, market is a little relieved the number was not too high.. sp +7pts @ 2084
notable weakness, USD -0.2% @ DXY 96.10s
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Effectively... a goldilocks number for equities..... not too low... not too high.
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With that out of the way.. market will now focus on the Greek drama.. into the holiday weekend
8.43am... sp +8pts.... 2085.. that is above declining resistance... and from a pure price perspective, suggest upside to the gap zone'2... around 2100.
So... as things are... market is headed higher to 2100. Hmmm
8.56am.. sp +7pts.. 2084....
notable strength: TSLA +4%... I guess they've now sold two cars this week.
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9.01am.. regardless of morning gains.. it will remain a case of 'who wants to hold long into the holiday weekend?'
The Greek referendum on Sunday will be a more serious threat to anyone holding long... than those short from 2080/2100 zone.
notable weakness, coal miners, BTU -4.5%.... just continued horror.
9.18am.. Indexes cooling a little, sp +4pts... 2081... a touch under yesterday's high.
Big money selling the open?
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9.33am... clear break of trend.... next level is 2098/2101... gap zone.