Futures look like they're tracing out a rising wedge in the overnight session. This spells a possible breakout and continuation. NFP could change it, but I doubt it. The cash S&P looks like it wants 1440 at least, and possibly 1450. What the market wants, the market gets. That is, until it wants something different.
Yesterday was a great example. The entire contents of Draghi's plan was leaked the day before by Bloomberg and Goldman Sachs. Yet the market needed an extra day to complete the subdivisions of its wave patterns. Only then did it take off.
As I'm writing this, the NFP number came out and immediately slapped down the ES futures 5 points. I don't know what the number is and do not care. All I know is that the pattern just changed dramatically.
I was looking for a down-up sequence yesterday. There was not a deep enough pullback to qualify. But if the current leg up equals the leg up on 9/4, the target is 1440. There are higher numbers, and there are so many lower numbers that there will not be any question whatsoever when the market has decided it wants to test those numbers.
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