Dow Jones Industrial Average: +203.82 or 2.08% at 10005.96
S&P 500 Index: +20.13 or 1.92% at 1066.63
NASDAQ Composite Index: +49.80 or 2.42% at 2105.32
NYSE Internals: 2501 Advance. 541 Decline.
The upside today was some what a surprise, but not completely. As I said yesterday, "This could very much be start of wave (iii) of 1 down. However, I am hesitant to call it. The past couple of times we have sold off in the last hour, we have had a bounce the next day."
We did bounce today, but we did not violate any wave counts. It didn't impulse up either, about a 5:1 up day. It seems to be that we are still in wave 2. We hit the 50% retracement of the move down and stayed there for most of the day. It is also common for wave 2's to retrace 50 or 61.8% So we are still in the range I was looking for. If we do manage to get over 1065, 1074 will be the next target. It all really depends on tomorrow's Unemployment numbers.
We are sitting at very heavy resistance. It should be hard to break to the upside, but good numbers tomorrow could certainly do it. If we sell off because of the numbers tomorrow, I have a feeling the sell off may be huge. We rallied 200+ Dow points today expecting good numbers, if we don't get those, the market may take it all back.
It should be interesting to see what the market does tomorrow. If we sell off, we know that this is the start of another downtrend. If we don't sell off, we have to watch for 1067 and 1074 on the SPX.
US Dollar was flat. Crude Oil was down and Gold was up. VIX was down over 8% today. Financials and Tech led to the upside.
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