Looks like most of the action happened overnight in the forex markets and equity markets.
Futures opened down and that is where the market has stayed, bouncing near its lows of the day.
News events: claims stayed in the 450k range for the week, giving us very little chance at job creation in next month's unemployment report. If these start to head towards a 500k average, then a top may very well be in place in the equity markets.
Here is a look at SPX and Friday's selloff, the climb back early this week and then today's selloff. Seems like we have a pretty good chance of working a little lower, but the bulls are still in control.
Let's see if we finally do get a Friday selloff where traders don't want to hold longs over the weekend.
Have a great day!
No comments:
Post a Comment