Futures up well this morning, so it looks like the S&P is happy it's Friday and is finally getting some follow though, even if it's in the pre-market. The important thing will be to see how it acts in the light of day.
The 78.6% retracement is at 1261 and the 200-day moving average is at 1265.43. I'm looking to get short at these levels. We'll see what the open looks like.
I don't follow NFP numbers (or any other for that matter). There was a spike higher then a sell off after the number, but futures are still up over 1%. The market might close out the week and start the new month looking strong. But these are levels which need to be considered for shorts.
The S&P never got below 1230 yesterday, so that was a tell for higher prices. It also looked like it was tracing out a rising wedge. Both suggested not to get over zealous and be patient, which I agreed with.
I won't be too aggressive today. I'm packing for a trip to Chicago, and will be leaving early Saturday morning. And I always like to arrive in Chicago a winning trader. Looking forward to seeing some old friends, and new friends such as @chicagosean and @Misiu357.
I'm happy it's Friday, too. Happy Friday.
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