I was bullish SPX yesterday, looking for a bullish continuation of Wednesday's up. However, market has other views. Market was practically ranging between DBZ above and PZ below, before making a fake breakdown then closing up. However, price is still unable to close within/above the DBZ.
In terms of price action, I would say that daily candle is neutral/bearish (bearish as it looked a hanging man), capped by DBZ while PZ below acting as support. I see yesterday's move as a pullback to kill late bulls before further up (today).
And if my thesis is right, the up move should come early in the day - Asian/European session. NFP today, and that would be market moving. I am overall still of a view of a green close; if market goes down first before NFP, looking for an up move.
But of course, if market already moved prior to NFP, just trail stops and let it ride.
In terms of price action, I would say that daily candle is neutral/bearish (bearish as it looked a hanging man), capped by DBZ while PZ below acting as support. I see yesterday's move as a pullback to kill late bulls before further up (today).
And if my thesis is right, the up move should come early in the day - Asian/European session. NFP today, and that would be market moving. I am overall still of a view of a green close; if market goes down first before NFP, looking for an up move.
But of course, if market already moved prior to NFP, just trail stops and let it ride.
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