Late Session S&P Update Before The Snow Chicago Snow Storm (SPX)
Fairly quiet session today after the 8:30 jobs number which shot us down from 1227.25 to 1215 in basically two 1 min candles… Clearly we dropped a bit more as stops were probed and the market eventually became bid up to the 1221.50 level after the open.
The chop this after noon is actually tradable considering we are on an uptrend highlighted to theleft with 1220 being a clear break out level.
Gold Futures are up 20 points on the day as Palladium is up .65% and dollar is down VERY hard 1.15%. Dollar being down is not unexpected because of the crappy jobs report, lack of jobs = less tax’s = foreign investors in dollars are not as confident in the US as a going concern. That being said The AUD/JPY pair has been on a
very strong uptrend as you can see from the charts below showing correlations. When the jobs report came out this morning the cross fell from 82.26 to below 81.20 then straight back up… though 82 was resistance which correlated to 1220 in the S&Ps and 1410 in spot gold.
I am looking for a move before the close, i feel we may go higher if 1220 holds and we get a Friday buy program. You alway want a nice buy program before a good snow storm in Chicago…. Supposed to get some snow this evening.
So for next week take a look at these S&P levels: watch 1227.25 on the upside, and then 1215 in the short term. For the longer term 1205 was very sticky as you can see from the chart below … 1175 downside we need to breach to bring more sellers. 1230 breach upside would bring more chasers…