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Thanks once again, Mike Korell and ChartsEdge!
Folks, if the futures stick into the opening and we get a move up, then 1012/1014 looks good again. If it also completes a small 5th wave for this leg up , then we can look for a turn down and the indicators suggest it's possible. Of course so close to the weekend, many will rather close out than open aggressive new positions (others of course won't close out or stop out until we see a swing trade trigger day down, but who knows if we see that much tomorrow - not looking likely today). Jobs report tomorrow so let that be the day for games or game-changes!
If/when we see 1007 taken out in SPX then it's an easy travel to 1012, even if intraday zigzags make it seem not easy, so daytraders don't force it and let it be as simple as it can be.
In currencies, we're still keeping eyes on the dollar, euro and yen - the ECB made no change this morning, we'll have to see if the euro (and surprisingly strong pound lately) have what it takes to continue pushing down the dollar. Or will a turn show up and cast a new light across the markets. The yen has continued its path of swinging between the Fibs, as I showed last night, but needs to shape up again or else 83 once again looks possible for the $XJY.
As always, careful out there, and happy market navigating!
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