FOR TUESDAY: (10/2) Usually the week of the employment report in congestive in wide ranges and not a great week to play. We’ll continue to try to peel off profits and not get greedy.
DEC. E-MINI S & P 500
S & P ANALYSIS FOR TUESDAY: (10/2) A 20-point pullback off of highs can be typical on the first day of the month. The market can do a big congestion band and already the range from 2908-2942 would qualify. We’re very open to going higher to 2960 and 2992 over the next few weeks but need some follow through quickly. The 78% retracement at 2915.50 will hold if the market does its typical congestion. Floor resistance is at 2931.25 and so want to see that come out overnight. For the next 2-3 days we have to favor longs and the seasonal odds. Floor support is all the way down to 2917 seems unlikely to get breached.
CYCLES OVERVIEW: Higher into Wednesday.
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