To the Moon? With Non-farm Payrolls Tomorrow?
A few quick observations.
At the bottom of the chart we see the June's monthly VWAP - eight days ago we were under it.
At the close today we touched 1.41 Fib level right at the close for another record day!
Tomorrow is Non-Farm Payrolls, I'll hazard a guess (and my money) in this case it will be good. Moreover SPX investors apparently are exciting about it! All kidding aside...
Look at GM's sales for the second quarter - the General is BACK! Point is the economy is picking up steam. So this is counter intuitive, good is bad for the stock market, things are better, with stronger GDP growth forecasted by to the IMF.
Good enough to send the markets lower as Federal Reserve tapering becomes a reality, maybe sooner than 2023?
None of this is Earth shattering - frankly this market needs a breather.
The SPX is making all time highs while the US dollar continues ticking up towards the 93 level, as mentioned in a previous post attached at the bottom - related ideas.
This market kept moving up as the US Dollar continued to fall, well its NOT falling anymore its at its highest level since April 6th and the SPX was about 200 points lower.
Its interesting that the 20 day median price is at .618 Fibonacci Retracement and the .786 is also where there remains a lonely VPOC - there is an elegance to it.
Anyone's guess where the market will go exactly but these levels outlined are not inconsequential.
Is this actionable? Yes - but only in the Futures market, as NFP is 8:30AM.
FYI the median price for all of 2021 on ES Futures is about 3900 - we are 413 points above that!
At the bottom of the chart we see the June's monthly VWAP - eight days ago we were under it.
At the close today we touched 1.41 Fib level right at the close for another record day!
Tomorrow is Non-Farm Payrolls, I'll hazard a guess (and my money) in this case it will be good. Moreover SPX investors apparently are exciting about it! All kidding aside...
Look at GM's sales for the second quarter - the General is BACK! Point is the economy is picking up steam. So this is counter intuitive, good is bad for the stock market, things are better, with stronger GDP growth forecasted by to the IMF.
Good enough to send the markets lower as Federal Reserve tapering becomes a reality, maybe sooner than 2023?
None of this is Earth shattering - frankly this market needs a breather.
The SPX is making all time highs while the US dollar continues ticking up towards the 93 level, as mentioned in a previous post attached at the bottom - related ideas.
This market kept moving up as the US Dollar continued to fall, well its NOT falling anymore its at its highest level since April 6th and the SPX was about 200 points lower.
Its interesting that the 20 day median price is at .618 Fibonacci Retracement and the .786 is also where there remains a lonely VPOC - there is an elegance to it.
Anyone's guess where the market will go exactly but these levels outlined are not inconsequential.
Is this actionable? Yes - but only in the Futures market, as NFP is 8:30AM.
FYI the median price for all of 2021 on ES Futures is about 3900 - we are 413 points above that!
