1 reply to this topic

[tommyt]

http://stockcharts.c...id=p83733137120

[thoughtpwr]

Question is how high is the bounce. The futures are up 7 SPX points in anticipation of good job numbers, which puts the futures at the 237.56.  This is where resistance is with the 2 hr 20 MOV & 40 MOV.  Without good job numbers, I would expect we sell off from these numbers in the AM and try to find support from below, which would be successful.  However, we will see if we get the actual numbers to full fill the promise.  If we do, I would expect we gap higher than SPX 7 points, so that support becomes 237.5 in the AM and we move higher toward 240 during the day.

 

There is a SPY Buy on Close Expiration trade on Fri which should cause the market to move higher on Monday for a Tues open at 240.  I would expect the buy on close to motor the market to reach 240 even on a shortfall of 240 in the move on Fri (if it happens).  I then think we sell off SLIGHTLY through Wed and close strong into Fri. Wed - Fri next week are normally the strongest seasonally of the month.

Edited by thoughtpwr, 10 March 2017 - 03:54 AM.