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Jobs report was good for 7 points pre-market but it looks like regular hours is going to give it all back fast. My guess is the big wage increase makes it hard for the Fed to not grow some hawk feathers.
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The NYMO cycle appears to be up.
I have a cycle low on 12/28 with a benchmark price of SPX 2249.11.
As year end can have a strong technical dynamic of its own, idiosyncratic to underlying trends, I would like to see a clearer higher low higher high sequence to confirm.
That said, yesterday's NYMO broke the 12/20 high and closed at a nice strong level. So, up until proven otherwise.
Price movement is interesting.
We opened the year with a gap giving us yet another possible downside target to add to our collection.
More importantly, the year-end close was down and below the 12/14 low.
In one of my posts last year, I noted that busting above the upper keltner band was normally followed by a series of price higher highs higher lows that kept the band rising.
We have not seen that, and in fact the 12/13 ATH still stands.
A review of prior such occurrences suggests that price should promptly recapture the upper keltner to keep the momentum ball rolling or else a deeper correction could ensue.
We shall see.
In any case, I am placing great importance on my single up target at the upper keltner band. I want to see it tagged soon... in a matter of days... and not with some bearish candle stick sort of thing.
If the bulls don't keep marching, that opening gap and the middle keltner could become magnetic.
I am long small from an opening day trade using a put/call setup I have in my toolkit.
I am looking to scale out a unit and move stop to breakeven if given the chance.
I may jam the stop next week if I don't like what I see.
It is early in the year. There will be plenty of opportunities ahead.
If Mr. Market is joggling a bit before showing the New Year vector here, I don't want to be stubborn with this one.