The explosive move higher we witnessed from late last week until yesterday was brutal, but it seems that this entire move was simply a recapture of the Fibonacci level at 4528.71:
![](https://slopeofhope.com/wp-content/uploads/2023/08/megarise-640x471.png)
If you doubt the magnetic attraction of this level, just take one look at the /ES over the past nearly 24 HOURS of “trading”. It’s pretty comic:
![](https://slopeofhope.com/wp-content/uploads/2023/08/ironbo-640x284.png)
Even though it seems to be that tomorrow’s job report is going to be a snoozer, evidently that is what folks are waiting for (so today might well be a yawner). The average hourly earnings is a data point with such a crude granularity, it’s difficult to even really speculate. A measure like this would be like only being allowed to say if the outside temperature is 50, 60, 70, or 80 degrees. There’s not much nuance.
![](https://slopeofhope.com/wp-content/uploads/2023/08/earn-640x239.png)
For myself, I’m pretty much fully loaded with only 6.8% cash. The rest is the same old same old: options expiring no sooner than January 19th of next ear, spread out among nine different stocks and three ETFs (SMH, XLU, and XRT).