Friday, January 7, 2011

Morning Madness

  • Not the normal graphic you would expect up top today but that is because I am trading and analyzing from a remote computer today
  • Futures market is currently down slightly
  • Economic reports came out mixed
  • Nonfarm payrolls advanced a little to 103k vs 71k prior
  • Unemployment rate has dropped to 9.4% vs 9.7% expected
  • Better job numbers continues to further the idea of a better economy
  • EUR/USD has broken down below the trendline and 200 day moving average -expect more weakness here
  • GBP/USD is bouncing between the 200 day and the 150 day moving average
  • USD/JPY bounced nicely off of support only to run into fibonacci resistance at 83.67
  • A bit of resistance is forming on the SPX at 1270, look for that to hold or break
  • A bit of a double top has formed in the SPX at 1277 level
  • Bulls will need to take the 1277 level to push this market higher
  • Bears need to take the 1262 level to turn this market around in their favor

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