«Friday will be telling.»
Let’s take stock of the posture of the S&P 500.
Wednesday’s post-Fed beatdown was followed by a doji at the 20-day moving average on Thursday.
This morning’s job report came in better than expected (260k vs. 205k forecast) and had futures jumping higher.
How the gap up is greeted remains to be seen, but one thing is obvious: Bulls want it to stick.
Indeed, a close above Thursday’s high could signal a higher pivot low forming that could keep bullish hopes alive. Quality uptrends bounce off the 20-day; they don’t break it. Remember, we’ve had powerful rallies during the past two Fridays. Will today make it a third?
We’ll break down the intraday action in today’s Halftime Report. Stay tuned.
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Chart of the Day: S&P 500 ($SPY)
How will the battle at the 20-day resolve itself?
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