Fridays knee jerk reaction to the jobs report pushed the markets higher instead of lower as expected. Monday must now trade lower than Thursdays high with 1542 to 1525 cash index the zone to trade into or else we have a serious anomaly extension. Extensions are extremely risky as they will reverse with no warning and take out the entire extension range so fast there is no escape. July 27th was a classic example of that. If the cash does drop into the 1542-1525 zone Monday it should then bottom, reverse and trade to new highs by the 15th to 17th.Notice the two charts moving averages are at 1545 to 1540 and the lower bands are at 1532 to 1522?
No comments:
Post a Comment