Well, the jobs report wasn't the disaster some bears were hoping for, and the /ES went from 678 during nighttime trading to about 690 as I'm typing this. Although the unemployment rate continues to soar, the numbers were roughly in line with expectations, and the /ES instantly shook off the possibility of a jobs-created Friday plunge.
I was going through very long-term charts last night (as I am wont to do when I am feeling uncertain about the market's broad direction), and it convinced me even more strongly that choice "A" from last night's post was more likely than "B". I also find a small error in my $TRAN chart; I had anchored the fan line to the point below where the left arrow is pointing, when in fact it should have been updated to the higher level on the right arrow. Having made this change, yesterday's low of the $TRAN tags the lower fan line marvelously (circled).
Since the market has moved a lot recently, I'll be updating stops (sigh, again…….) this morning. Best of luck to you!
