Market Stance Ahead of Employment Release
The pattern we see on the TrendMap below would generally be supportive of the trends on the higher time frames to the right. A green grid indicates an uptrend for that market on that time frame and a red grid indicates the trend is down.
Given the chart patterns on the higher time frame charts however, the shorter-term trends definitely need to be monitored. There is currently a potential 2-month double top on the Daily GBPJPY chart, a potential 4 month Head & Shoulder top for EURJPY, and the S&P 500 stock index is waffling right around 1000 — the biggest even number in the financial markets.
Should be interesting to see how the trends line up tomorrow following the non-farm payroll report.
Jay Norris
DISCLAIMER: Futures, options and Forex (off-exchange foreign currency futures and options, or “FX”) trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures, options and Forex may fluctuate, and, as a result, clients may lose more than their original investment.