Tomorrow: US nonfarm payrolls & unemployment rate data for July
The economic numbers tomorrow need to be surprisingly good for the US. The chart pattern starts to look like a dead cat bounce, because the higher-time frames I measure are starting to decline due to the slow speed at which the current dip is getting bought back. The SMA 20 is also dangerously close to the price. Everything is lining up like a ideal place to short. But we are still moving up as of now. The upcoming volatility tomorrow could also first lead to a fast re-test of the recent all-time high at 2182.9 before the real distribution (sell the strength) begins.
Therefore no trade until the index breaks below the EMA 20 on the daily, hence this chart is posted as neutral.
Therefore no trade until the index breaks below the EMA 20 on the daily, hence this chart is posted as neutral.
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