Original downside target still looks like a go. Looking to find support and go long around the 200 ma around the 313 area. Red line is "old" larger megaphone upper trendline. Haven't removed it from the charts as it's still being respected as an area of support/resistance....Coincidentally, the 200ma and megaphone upper trendline coincided in February as well:
The reason for saying "we better get a good jobs #" or any sort of opptimistic market moving news is because we're currently seeing futures consolidate at/below lows and below the 9dma:
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Important to note - As we like using the VIX to look for higher lows while the spx is making higher highs as a trend reversal indicator. The same can be said about the market making lower lows, with the vix making lower highs, as we are seeing right now:
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Looks like we're wrong for the time being as the wedge being formed in the SPY has broke to the upside. As long as the trend is defended Monday, further upside will likely continue to ensue first.
Jobs do not really matter do they? They didn't matter on the way up and they won't matter on the way down. What goes up must come down.
JTI96
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@targetismoving, they shouldn't! Especially considering how they're calculated anyway. But a big beat could be a catalyst for a short term move higher or miss could trigger the break to the downside. Just looking for a catalyst for the intraday is all!
targetismoving
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@JTI96, I don't think you need a catalyst right now, spx is breaking yesterdays lows as i write it, before the jobs were even posted, there's enough volume to break a few major supports beneath us and the "stonks always go up" bs trend is exhausted, everybody understand this even if they refuse to admit publicly. I wouldn't rely on jobs numbers too much and wouldn't try to predict market's reaction to them, as the reactions to economical data since the outbreak of covid were skewed by a lot of confusion and inability to provide forward guidance by most major companies. Is going to be bloody till the rest of this cursed year of 2020. In fact, till we have a working vaccine distributed and administered to all the people in all major economies on the planet. Place your bets and get your popcorn.