Market Outlook – Bullish break as price action continues to recover and hold steady in the overnight. The jobless claims number out in about an hour could be a surprise – but price response is all we will watch. It is important to remember that it is not the number released but how price responds to the release. Today we are sitting near the key area of 4224-4227 which is a 50% retrace of the low of the market to the high. This has many people calling for the end of the bear market.
What we have to watch is the response of traders to price and for now that is north.
Here are some images that I have seen that I suspect are important from a data collection event in the longer term
Now for the charts