Up and up we go! Overnight sessions jumped higher as we press into resistance areas not seen
since October as traders push prices through low volume areas. New target zones sit near 2889-2895 as trade news is given the credit for this price action.
As in days past, intraday motion is likely to continue long on pullbacks until the jobs catalyst gives us some news. Given the updraft into the jobs number while seeing divergence AND lighter volume suggests that any bad news could swiftly reverse the market while good news may do a little of nothing.
Remember the overall trend is still long so we have to consider buyers holding the edges of deeper support. Above 2866 will keep us in this formation in the current chart and short time frames.
UPDATE -Our Metastock Map for swing trades, TARGET RICH TRADES, is in a holding pattern until our next red resistance diamond shows up – we need to stand to the side as we expand before another contraction.
Completed is the trade below:
Short at 2831 with first target at 2814.75
Three targets have been acquired 2814.75, 2808.50, and 2794
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