So far this week the NAS has held the neck line of the head and shoulders pattern that I identified on the weekend. It has bounced nicely but is now at overhead resistance again. We have both the ema cloud and the neutral to break through before it continues higher. Price can easily roll over at this point and head back down to the recent low. The price moved up with positive news on the stimulus front but we have Jobless claims tomorrow and Non Farm payrolls on Friday which can be a market movers. Lets see how it plays out.
Comment:
Nice push up overnight and barely a pause at the bottom of the neutral. Can continue to middle of the neutral and then the top. A break back below the neutral would be bearish going into Friday's Non Farm.
Comment:
15000 can be used a line in the sand tomorrow. As you can see the level has been significant in the past. Keep it simple ..price above leans bullish. Price below leans bearish.
