Well the jobs report this morning seems to be a dud as the futures just yawned at them it appears. I remember in the old days we’d see 10-20 point moves in one direction or the other just shortly after the 8:30 am report was released. But this morning we are barely up. Today doesn’t look like it’s going to do a whole lot of nothing at this point. The 60 minute MACD’s here are under zero still but don’t act like they want to go above it as the hit it and rollover. The 3 hour charts are climbing up from -7.5 to -5.0 right now and the 6 hour chart is trying to turn back up.
This all looks to me we’ll have a choppy day that should close green but I don’t see any huge rally starting. There’s just nothing to suggest some squeeze to start. I don’t see anything but chop around this low area in the morning and possibly a little stronger move up late in the day as traders cover short before the weekend. I’d lean toward them drifting down a little lower in the first half of today and then back up to close green late in the day. Charts are mixed with no clear direction. Any strong rally up at this point doesn’t look like it will start until next week.
My thoughts for today… take it off. We could go up or down today but I don’t see any clear high odds alignment for a long or short. Moves will probably be small up’s and small down’s leading to just chop, and for most people that’s just isn’t worth trading. Later in the day we might see a more bullish move but this just feel’s like a market that wants to close out the week down near the lows. It’s all about the elections at this point it seems…