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After seven consecutive “up” days in the S&P 500 (can you imagine the criminal charges that would be filled if there were seven DOWN days in a row!?!) I decided to mess around with SlopeRulesthis Friday evening.
I’ll mention as an aside the two new rule sets I just made – Snowball in Hell and Snowball in Heaven – I’ve published, and you can fetch the rules using the Search feature.
On Tuesday I was looking at the obvious resistance trendlines on SPX that might be hit this week in the 2885-2900 area and I’ve been watching those since. This morning they have been hit at 2891/2 with a possible hourly RSI 14 sell signal brewing, so this is an important inflection point and possible swing high area. I talked about that before the open this morning and this is the full version below of my premarket video also covering the usual wide array of future and forex instruments.
This week has been up, up, up, without a single break. After all, trade talk optimism, right? Anyway, one captivating pattern on the short side has survived nicely, which is Philip Morris. I’m keeping this one, and I’ve tightened up my stop to 88.75.
The monthly jobs report came out, and the jobs added number was stronger than expected. The initial reaction to these things is not always indicative of where we close for the day, but it’s always interesting to see the immediate reaction (and, five minutes later, the reaction to the reaction).
Stocks (see here via the ES S&P 500 futures) got their first spike up after hours on Thursday when the 173nd declaration of positive trade talks came, this time from Chairman Xi. The second spike, in green, was the initial boost for the jobs report (which is fading as I’m typing this).