Hello Everyone,
Quick Note: Based strictly upon mapping I'm looking for a likely gap tomorrow and that happens to coincide with Monthly Payrolls - more tonight.
EWT is quite subjective but they count as a 3 of 3 either way that's the problem with just EWT.
That BOLD TRENDLINE on SPX 60 minute is the KEY - today SPX closed below so bulls would have to recover (like gapping above it). That trendline was REJECTED today on a backtest after breaking while the VIX made a slightly lower low confirming yesterday's signal. Essentially a coin toss. Thus, let's see how this resolves and act accordingly.
ES support is 4340-50
Administrative Note: I'm still in recovery mode from vocal cord surgery so will keep newsletter as brief as possible with focus on the indices.
Please take a moment to look at the trade ideas.
