The dollar ran into expected resistance at 78, where I exited at 77.95. The dollar downward reaction from this resistance is feeding into stock strength, where it has traded back above the 30-minute M/A.
I was clear all futures positions prior to the jobs report. Since then I put on a SP short and a crude short.
I expect support at SPX 1143.
Crude was a clear 5 down yesterday. It's correction has taken it up to 81.95 or slightly above the top of wave 4 on the downleg.
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nice job on the crude exit and re-entry!
ReplyDeleteRegarding the dollar, can you count yesterday's move up off the low as a 5 up? I can sort of make it into a 5, but it looks more like two 5's with some chop in between.
If we can count the move up yesterday as a 5, then today's retracement is still within normal bounds, although it's gone deeper than 62 percent.
pima,
ReplyDeleteI'll post a chart.
Steve - do you think we start seeing a drop today in the market?? Bad jobs report, but market seems to be holding up. I1 peaking, so I am more than ready for the turn....
ReplyDeleteDJD
ReplyDeleteI've been keeping a lot of powder dry watching the clock since the 30th. Today I position for next week.