The big news on Friday will be the government's job report at 8:30 am.The spin from what I read is basically reaction of this news compared to the ADP report. The trend lines I have been posting are at a critical juncture. Can the trend hold?
As you can see on the picture, we are trading in a triangle range, pictured in light blue. If the market breaks above the upper line, much more likely we are in for a good rally.
A major break below the lower light blue line indicates I'm flat out wrong and tighter stops need to be put into place to prevent losses.
Even if the market breaks down a little more on Friday, I will hold out hope that next week will start really bringing in the news for Obama as president, and help the market situation.
Link here to a different more detailed blogger on his trend analysis.
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