Update 10PM EST:
Current SPX Position: None (would be long from 1519 but did not post enough detail in time)
Next Action: Short next 4hr support break (currently 1539.89) with stop at 4hr resistance
System Score: 4.5=Neutral=Trend Score + Turn Score=10-5.5
Proposed New Score: 50=Neutral=Trend Score + Turn Score=48+2
The Score is neutral. The stats say the initial jobs reaction is usually reversed within hours and sometimes days. So, I fully expect a pop 'n drop Fri/Mon or drop n' pop into Mon/Tues. Typically, the market doesn't fall apart with the current configuration of hourly indicators. I merely expect a backtest of 1520-1530 short-term. However, that is not really taking into account all the negd on daily/weekly/monthly levels nor the March/April pivot notoriety nor the significance of SPX overhead resistance, so the risk is higher than normal for downside surprises. Be careful and good luck.
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Short trigger level is now 1539.89 with stop 1pt above the rally high. Stop would be re-evaluated if that level was gapped above. Gap risk either way with jobs report tomorrow. Good luck.
Current SPX Position: None (would be long from 1519 but did not post enough detail in time)
Next Action: Short next 4hr support break (currently 1539.89) with stop at 4hr resistance
System Score: 4.5=Neutral=Trend Score + Turn Score=10-5.5
Proposed New Score: 50=Neutral=Trend Score + Turn Score=48+2
The Score is neutral. The stats say the initial jobs reaction is usually reversed within hours and sometimes days. So, I fully expect a pop 'n drop Fri/Mon or drop n' pop into Mon/Tues. Typically, the market doesn't fall apart with the current configuration of hourly indicators. I merely expect a backtest of 1520-1530 short-term. However, that is not really taking into account all the negd on daily/weekly/monthly levels nor the March/April pivot notoriety nor the significance of SPX overhead resistance, so the risk is higher than normal for downside surprises. Be careful and good luck.
---------------------------
Short trigger level is now 1539.89 with stop 1pt above the rally high. Stop would be re-evaluated if that level was gapped above. Gap risk either way with jobs report tomorrow. Good luck.
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