Yesterday the bulls regained a little strength after GER30 bounced off the bullish daily trend support. A small violation makes it a little weaker, but last time it violated this channel, the bullish daily trend was continued. As multiple persons on TV noted, there is a somewhat falling wedge inside the bearish channel.
I'm expecting a small rally in the morning followed by some selling leading up to NFP due to fear of another big miss.
About NFP:
- If another big miss i think GER30 will look for another lower low
- If a small miss i think GER30/US will rally towards the resistance of the short term bearish trend. From there it's weekend and markets might rally through resistance on Monday or it will bounce of. Depends if anything notable happens over the weekend. If not, usually the trend of the Friday before is continued.
- If a hit or beat i think this is where we have a short term bottom leading up to a new lower daily top around 12800.
Also, very cheeky of GER30 to just barely save itself from a -10% correction so far!
I'm expecting a small rally in the morning followed by some selling leading up to NFP due to fear of another big miss.
About NFP:
- If another big miss i think GER30 will look for another lower low
- If a small miss i think GER30/US will rally towards the resistance of the short term bearish trend. From there it's weekend and markets might rally through resistance on Monday or it will bounce of. Depends if anything notable happens over the weekend. If not, usually the trend of the Friday before is continued.
- If a hit or beat i think this is where we have a short term bottom leading up to a new lower daily top around 12800.
Also, very cheeky of GER30 to just barely save itself from a -10% correction so far!