Ping Pong Game.

The s&p got down to the lower support after a trend down day last Friday, and today we bounced and it seems to be holding. Seems to be a bit of a ping pong game the last few days, leading up to the November elections. Looks like Obama is going to get in, I think.

As you can see, the tick data after fridays downwards day was hinting that things were a bit OVERDONE and a bounce was due, and that is what we have so far. There is still some room to move on the upside in the short term!. 

There are other indicators that I share with my VIP clients that is suggesting a NICE move is coming soon. To the upside, or downside???, I will let you be the judge of that, but I like what I am seeing at the moment, and things sure are setting up nicely.



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All About The Jobs Numbers Tomorrow

Well was a good day all round, but we must remember that the market is still trending upwards. Too many traders are trying to call a top and getting burnt!!! OUCH!

As you can see the market did try to break down out of this upwards channel, but the bulls came right back up, and now we are trading in the channel again. You do not have to be Einstein to work out that is pretty bullish, at least in the short term.

As I have been mentioning lately, it is all about the USD, and see how the price came right back to the falling resistance I was talking about a few days ago! WOW! It stalled and back down we went today, to give bulls another excuse to take the market higher. 

The market at the moment seems to take a few days to back and fill and create a higher low, and then then the bulls come right back to take the market higher.

Friday it will be all about the JOB numbers. So I do not think there will be much action till the numbers come out during the day on FRIDAY!!

Happy trading.


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