Friday, October 2, 2009

S&P Futures Declining Impuslively; October 2, 2009

For whatever reason, the past several months the market has rallied when the jobs numbers are reported, no matter what the number was. Despite the horrible job numbers, today is no exception to that rally trend. But looking at the S&P futures we can see that it's declining impulsively and in a small degree 4th wave right now within a larger wave 3. And despite the market being flat right now, NYSE breadth and volume is decently negative right now showing little buying demand across the board the day after an across the board sell off. I expect the market to glide higher, mostly due to dollar weakness, before charging lower in the next phase lower.

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