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The stronger-than-expected September Payrolls data elicited a positive reaction from the Equity Indices. On top of the NVDA-induced ES vertical spike from 6680 to 6740, the index spiked to a high of 6772.75 so far, a full 2.7% above Tuesday's 5.2% corrective low from the ATH...
After moving lower earlier in the week, the market has held several key pivot levels over the past two trading sessions and has since retraced higher on what still appears to be corrective wave action. While we ended last week with a fairly clear five-wave move to the downside, confirming the start of this week’s move, the follow-through so far has not confirmed that we are in the heart of a third wave down. Instead, we continue to hold several key pivots that would need to break to validate that scenario.
The manner in which the market has been trading of late is more indicative of a top having been struck. When we broke this week’s pullback low today, it started to increase the probability that a high of sorts is now in place, and that 7000 is going to be put off for now, if not for many years to come. But, of course, we seek confirmation.
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