The market is very nervous and has broken down from its seemingly bullish technical setup that could have otherwise pushed it up a lot higher. Tomorrow is the big day for the job report. I get a sense that the market may be trying to find an excuse to do the final cleaning work by flushing out those final herd of weak hands before completing the 3 month long correction. If so, a strong negative reaction to the job report tomorrow can do the trick. If indeed materialized, S&P could tank all the way down towards the ultimate low of this correction at 2530.
No guarantee of course as it is a 50/50 call but don't be surprised if that happens. I'm just thinking loud here as the short-term chart for S&P looks quite bearish for the moment. My wishful thinking is to see a panic reaction and a hard selloff tomorrow to shake out all the weak hands 😅😅
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