SPY, Weekly Wrap-Up, Look Ahead, and Forex Day Trades

Good Morning,
Data this week was neutral to weak to very, very weak (see today's jobs report). BUT, the markets are still hanging in there as the threat of some type of intervention is still out there. It is always looming and rumors rule, so trade with appropriate size, pick your levels and don't get stubbon.
Speaking of levels, I had a nice DOUBLE FALL LINE TRADE hooking up and watching the USD/equity relationship, I thought, this is it for the day. Get green and shut down as traders are fleeing for the beaches on the East Coast.
BUT, I missed it by a pip. Here it is on the NZD/USD:

Past performance is not indicative of future results
Moving to SPY, we definitely have resistance in the 121-124 area and we have a small, short term trendline coming into play. If we break it, look for the lows at 110 to be very, very key!

Past performance is not indicative of future results
I do think we should be down more on the jobs number (see Fed intervention prevention), but overall, we did move from 124 to 118, so percentage wise, that is significant. But, I think we have more downside potential and I am not sure the bottom trendline can hold, ESPECIALLY if we get economic data that worsens.

You know I love support and resistance (see more information on resistance below as I am offering a free webinar on the topic next Wednesday. Look at XLF and NFLX, in that order. Are they approaching attractive levels? I could use another solid down day and get us closer to the support level:

Past performance is not indicative of future results

Past performance is not indicative of future results
Next week is shortened due to the holiday so, lots of data in 4 days:
**ISM Services - will it hold above 50 - I think so.
**Claims
**ECB Press Conference
**Obama
**Only 9 more trading days until September options expire - looking good with the defense I put on at the 121-124 level.

See you next week on the free Inberbank FX Webinar tackling current fundamentals and techncials as well as an in-depth look at Resistance.
Happy Trading and Be Environmentally Cool
Coach Brian
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.