Friday, August 05, 2011 8:40:46 AM
Tomorrow we have employment numbers at 8:30 EST. This will either be the trigger that gives us our capitulation lows tomorrow/next week for some news over the weekend/into next week to reverse us hard and fast back upward, or it will be what will blast us back upward tomorrow, imo.
Employment headline this morning: U.S. economy adds 117,000 jobs in July; unemployment rate falls to 9.1%
Markets got a big pop on this news. Let's see if it gives us the upward traction that I was talking about. So far, so good.
You can see in the lower right corner of the chart the trend line support which is at 1180.75.
ES got to 1183.50 overnight. Missed it by 9 ticks.
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