FOR FRIDAY: (10/5) Cycles for overnight and into the employment report are edgy, and the S & P could quickly fall to 2884-5. Still, a violent recovery could happen next week so the surprise may be another bear trap. We’re in topping territory but these markets rarely do V-tops. Lower T-notes on tap and higher dollar for Friday could lead to a gold collapse. We often get surprises and any huge miss of the whisper number of 500,000, and the market may give it up.
DEC. E-MINI S & P 500
S & P ANALYSIS FOR FRIDAY: (10/5) Deep break confirming what we were seeing, and the market seems lower into Friday. Floor support at 2907 and bounce target is 2917. Risk/reward for new sales will be tricky. Key daily chart support at 2884 and 2867. We’ve been eyeing 2835 on cash. Very small chance for 2860 but this market has a way of coming back from the dead. Will have to wait for the morning for sales but looks like a sale at 2915 looking for 2884-5.
CYCLES OVERVIEW: Volatile Friday.
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