Market Analysis into am jobs report follows,
Markets appeared frozen Thursday, awaiting the Jobs report tomorrow. However we did get some signals turn to "sells" today, suggesting the internals are weakening. We saw wave {4} down continue again Thursday. If this count is correct, then Friday should see wave {5} up to a final top for this multi-week move from August. Another possibility is that wave {5} up could be! over, and the large move coming is down, and has started. We have a phi mate turn date coming up tomorrow, Friday +/- a few days, so again, a top is likely forming here, and prices can drop any time, into the next multi-week downtrend. Our Fibonacci Cluster window is here, another reason to expect a top of significance any time. Volume has lagged as this rally matures, which is Bearish. Also weighing heavy against this recent rally's perpetuity is a Bearish inter-market divergence between the major indices, with the Dow Industrials, NASDAQ Composite and 100 all registering new highs, above their July 2007 highs, however the Russell 2000, S&P 500, and Trannies have not.
