Friday, February 4, 2011

Pre-Market Warm-Up 4 February 2011

The job numbers were pretty much a non-event, the ES is still at the same level we were before the release.

The SPX seems to be in wave (v) (see yesterday's chart) which may end anytime soon. After that we have to watch what happens; if we see a corrective move to 1300ish, then another rally to much higher levels is very likely, should we break below 1300ish and then below 1275! though, then the rally should have topped.

I don't post EUR/USD charts very frequently but there may be a very nice pattern unfolding right now:

There appears to be a five wave move down from the top. A retracement to 1.37-38 would form a pretty nice H&S.