Dow Jones Industrial Average: +17.46 or 0.17% at 10023.42
S&P 500 Index: +2.67 or 0.25% at 1069.30
NASDAQ Composite Index: +7.12 or 0.34% at 2112.44
NYSE Internals: 1538 Advance. 1446 Decline.
Very strange day today. With the Unemployment numbers coming in a lot worse than expected, most of us thought we were going to sell off today. Futures dropped immediately after the numbers, promising a very hard sell off. But that didn't happen. In fact, we made new highs for wave 2.
We stopped at 1071, but we didn't sell off after that. This means that wave 2 is probably still not over. The next likely target is 1074. If we break above 1074, chances are we get a run towards 1090. We will probably hit 1074 on Monday morning, then we could sell off after that. The key thing to watch for is the sell off. We need to sell off as soon as we hit the target. We should not hang around that number for too long. 1073.86 is the 61.8% retracement. The 1074-1075 area is also the low for wave (i) of [i].
US Dollar was flat. Crude Oil was down, Gold was up. Tech and Industrials were leading the market today. Financials were the weakest along with Energy. VIX was down.
I will try and post a weekend update with more charts and info.
0 comments:
Post a Comment