Test of SMA 200 on hourly
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ES bounced off the underside of SMA50 on the hourly and is now heading to test/bounce off SMA 200. That area matches the 38.2 Fib of retrace of last leg up. We may have another gap down tomorrow morning.
The employment report is likely to be 'good news' and the reason to blast up. A bad report is good as it means more Fed intervention. A good report is good. The short term direction is likely to up heading into Friday.
The employment report is likely to be 'good news' and the reason to blast up. A bad report is good as it means more Fed intervention. A good report is good. The short term direction is likely to up heading into Friday.
Nota
No test of the hourly SMA 200. The employment report is about to be released in 1 hour. Expecting good or bad news to mean good news. Looks like we are off to 290+ without bouncing off the SMA 200.Nota
Did not bounce off SMA 200. Doubt we will touch it. Wonder why the tape is glued to the underside of SMA50. The .236 Fib (2745) is too strong a support and 2800 is turning out to be a tough nut to overcome. We should action towards 290+ tomorrow.
Nota
Up, up and away. Missed my prediction. Did not touch/test the hourly SMA 200. Buy, Buy, Buy. Trump is opening the economy again! The virus is behind us!!
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