If we go down to hit the rising trendline tomorrow then it’s most likely a buy. If we gap up to hit the falling trendline then it’s most likely a sell. The old rule of thumb is to do the opposite of the open on job data day… and they release it at 8:30 am before the open. But even if it gaps up and falls back down tomorrow the medium trend is still up. So early next week I do see a rally.
Market pulling back after hitting that falling trendline of resistance on the ES Futures per the update chart just posted. But I’m not looking for a lot on the downside. I don’t know if it will drop to the rising trendline or not? That might be too far down as most charts still want to go up.
Not saying it’s over yet. I see another nice drop coming soon.. probably starting next week. But after that I see one more rally up to retest the current highs and break them by some unknown amount. Then we’ll get another crash sometime next year.
SPX must hold the line or another move down to around 1900 is next http://screencast.com/t/EBkWdebG75J
I think we’ll bottom early Friday and then rally again. Still choppy waters.
ES Futures Morning Update: http://screencast.com/t/M3RZ69bz
9/16 35 strike looks good for a trade
If we go down to hit the rising trendline tomorrow then it’s most likely a buy. If we gap up to hit the falling trendline then it’s most likely a sell. The old rule of thumb is to do the opposite of the open on job data day… and they release it at 8:30 am before the open. But even if it gaps up and falls back down tomorrow the medium trend is still up. So early next week I do see a rally.
IWM Update: http://screencast.com/t/8GUEH4mldmYk
VIX Daily Chart Update: http://screencast.com/t/5XLQB1sJt
ES Futures Midday Update: http://screencast.com/t/lIQvvaRm
Market pulling back after hitting that falling trendline of resistance on the ES Futures per the update chart just posted. But I’m not looking for a lot on the downside. I don’t know if it will drop to the rising trendline or not? That might be too far down as most charts still want to go up.
Not saying it’s over yet. I see another nice drop coming soon.. probably starting next week. But after that I see one more rally up to retest the current highs and break them by some unknown amount. Then we’ll get another crash sometime next year.
I don’t think this is over….waiting til next year may not be prudent.