Charts tested higher levels of resistance today at 2900 with a solid jobs number but have begun to fade. Good news now holds us steady but does not send us into the breakout range to stay
Target zones still sit near 2889-2895 still as we search to close out a positive week ahead. Lots of buyers seem to be crowded around 2880 for now.
Intraday motion is likely to continue long on pullbacks but watch for any failed intraday retests of 2900. As I have mentioned for the last few days, our good news did a bit of nothing before falling back to support.
Remember the overall trend is still long so we have to consider buyers holding the edges of 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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