Thursday, March 4, 2010

Thursday, March 4th Review: Jobs Data

We had an inside day today, which means prices stay in the previous day's range. Range expansion leads to range contraction, which in turn leads to range expansion once again. So needless to say the jobs number tommorow I believe will provide more than enough ammuntion for some range expansion.

Top chart I am using the 30 min ES chart of day session trading only (9:30am-4:15pm). We opened in range and value, tested the Point of Control before heading lower. We then tested the previous day's low which saw some initial buying, which once again brought us back up to the Point of Control.

We closed above today's midpoint and point of control, possibly setting up for some decent jobs number. If I am reading this correctly, then I expect 1129's to get tagged tomorrow. Once again my Bull/Bear line is 1113, any time spent below that level is bearish for short term.