SPX still trading within a channel with upper and lower limits.
Market exuberance over the jobs data that came out on Friday may see a boost up to 4070ish before a pullback.
However interest rates worries lie in the background, so and eye on the TNX is important - the FOMC's minutes come out on Wednesday, which may induce another round of 'liftoff' worries and all the stuff about the bond market, inflation.. yadda yadda.
Ultimately not worried unless the SPX breaks down through the lowest channel trend line.
SPX has showed incredible strength with it's 50 day sma. Three times it's hit and bounced whilst trading in this channel.
My eyes would be for when this + the outer channel line doesn't hold. Until then, channeling for more and buying most dips.
Market exuberance over the jobs data that came out on Friday may see a boost up to 4070ish before a pullback.
However interest rates worries lie in the background, so and eye on the TNX is important - the FOMC's minutes come out on Wednesday, which may induce another round of 'liftoff' worries and all the stuff about the bond market, inflation.. yadda yadda.
Ultimately not worried unless the SPX breaks down through the lowest channel trend line.
SPX has showed incredible strength with it's 50 day sma. Three times it's hit and bounced whilst trading in this channel.
My eyes would be for when this + the outer channel line doesn't hold. Until then, channeling for more and buying most dips.
May see this relax down to the inner channel now..