Lackluster news out of China and Europe overnight but, another decent jobs report out of the US has us sitting slightly red at around 8:45am eastern.
All I have to say is that the bears cannot fail here. Everything has aligned --- gap through 1400 support, metals/energy/AAPL down, DX up, even RSI/MACD look more overbought than oversold which is very atypical for mornings of late.
The gap MUST hold.
Based on triangle formed with the last three trading days:
Bearish target: 1390 SPX
Bullish target (if gap should fail): 1420 SPX
Chart at the moment (looks like a little bear flag but will we get some selling to break down?):
No comments:
Post a Comment