This morning traders wait for non-farm payrolls releases with the SPX spread expiring today at 18 points around the 2700 strike leaving us 2718-2682 as our ranges of priced motion.
Buyers remain in charge -still clearly willing to press prices higher. the problem remains that the thin volume upside suggests that we will retest and fill in those areas, but when remains blurry. Note the edges in the youtube video (YouTube.com/TheTradingBook ) How high is still unknown, so don’t try to find the top.
The trading momentum still shows tests of higher resistance as a potential. It is the failure to hold higher that will flash the first warning signals. RESTATING ONCE AGAIN – IT IS THE FAILED RETEST OF NEW HIGHS FOR WHICH WE ARE LOOKING. Out Metastock swing system says to look for the FAILED highs as our entries short…. this means that how well we bounce here over the next couple of days will bring us to engagement.
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