The Friday Update is below and it covers SPX, RUT, ES, Oil, USD, and Gold.
We did get the turn we expected in the indexes in the 1900 area as possible support as per the Monday Update. We got the turn we called on Wednesday at the monthly pivot and now a decision is being made at 1950. If resistance we see new lows, if we break, we see 2020 then new lows. Non-farm Payrolls tomorrow.
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5 thoughts on “Friday Update – SPX, RUT, ES, Oil USD and Gold/Silver”
Thanks for the update Stan. I fully agree with your two possible counts and SPX 1950’s is key for direction. Many times we hit an area such as 1950’s and in a volatile market move away from it, but it is not the real move. Therefore, if you’re watching the markets tomorrow am and you’re ready to make a call on the direction based on early activity, I’m sure all here would appreciate a comment. No pressure…haha.
IMO the direction may reveal itself within the first hour of trading (if not during ES trading), in reaction to the Aug. NFP report, with a lot of volatility afterwards. Tomorrow should be a “pivotal” trading day. (Pun intended.) 🙂
Ha – pivotal day 🙂 NFP is key today – stay below 1945-1950 we continue lower.
inflection point here – break spx 1915 and we see lower targets as discussed BUT find support here and we can still see spx 2020 before we see new lows – europe sold this, don’t be surprised to see a bounce here – we break 1935’s squeeze is on then new lows, break 1915, new lows coming
Well SPX broke 1915 but is finding support around 1911. We’ll see where it ends. At the end of the day, will a hold at around 1911-1915 be enough? If you can respond at 4:01 pm that would be nice. A little later would do also, since it is a looong weekend. Maybe the only thing to be looong now is Labor Day! 😉 Have a great one!
No real BIG moves up yet. smacks of short covering more than bulls buying IMHO.
Media saying JP Morgan etc say buying opportunity etc. Always gets me suspicious. Tell the punters to buy and short it like mad.