Chart for the road: Trend or no trend? that's the question. during a consolidation phase when standard buy and sell on trend following are useless. Time frame maters, Peace!
Attachments
My comments are for entertainment/educational purpose only. NOT a trade advice.
Trades with cats wrote:ES VWAP still at 2260, or about 2265 on the index. Hour and a half since we got here, not exactly a high speed market.
2260 area on ES = also dPOC so consensus on price here. Need to break up/down to get some action but. Up more likely because we just like to go up (profile shape also suggest up to 2267 but late in day)
Smalls setting up for a closing run to VWAP, it's only a point away.
Makes sense if they close it neutral as tomorrow we get THE BIG ONE the jobs report. Consensus is 175,000 but also a .3 % increase in wages with hours flat. If they are right then on paper this should strengthen the Fed's resolve on more rate hikes, so I guess dollar up. On the other hand nothing but layoffs in retail land so maybe Bullard speech soon on the need for more QE
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.