The bulls were impressive for most of the trading session but gave a lot of their hard earned gains away in the last couple of hours. Not good. A strong close would have set up things beautifully for them heading into tomorrow. - If the above lines look familiar dear readers, its because they are!! I copied pasted them right from the daily review of yesterday! And that is just the kind of day it was. Let's have a quick look at the charts.
Looking at the S&P charts, the bulls managed to hold on to the MA(50) level. And as far as NASDAQ is concerned, it again got rejected right at the MA(50) level, making this the level to keep an eye out on tomorrow.
As far as tomorrow is concerned, the jobs number should hopefully give us a good read on the market. That is, not the actual job number itself but the market's reaction to the jobs number. A strong show on a weak job's number would set up the bulls really nicely while a day like today (with a selloff into the close) on a better than expected number would mean the bears still firmly control the proceedings. I will be back later with a post on gold.
Take care and good luck!