Election Done, Bulls Dancing. Can 2 Jobs Numbers Crash the Party?

Yes, the votes are in and the poles are up, thankfully this election erection mess is now over, at least until Jan.

Now that the election erection mess is done with, all eyes are looking to the next item on the dance card, unemployment today and NFP tomorrow.

We asked a man queueing for payrolls what he expects. “A number.”

Unless there is a Final Destination movie style car crash with the numbers, there is little to shake off the current bullish theme.

Right then, scroll on down and let’s get into the charts.

Market Snapshot – For a change everything seems to be moving in lockstep.

The S&P and NazQuack continue to push off the range lows, as do Uncles Russ and Dow, which are pushing off support lows.

Uncle Russ has been standing on his head again.

Uncle Russ looks like it’s got a cheeky little inverted head and shoulders developing, so if we push through the neckline that could get a few more traders excited there. And for a change everything seems to be moving in lockstep.

Uncle Dow has the conga line. NazQuack is at the bar, nursing his AI mocktail.

Uncle Dow is leading the bull charge while NazQuack is lagging somewhat, mainly due, I think, to the shine coming off the AI sector. I don’t think Gollum would be calling it his precious again any time soon.

• S&P 500 futures: 7,712.75 (-0.28%), pushing off the range lows

• NazQuack futures: 28,308.25 (-0.90%), off the range lows but lagging as the AI shine comes off

• Uncle Dow futures: 53,792 (+0.37%), off support lows and leading the bull charge

• Uncle Russ futures: 2,874.7 (+0.11%), off support lows, inverted head and shoulders neckline in play

• Gold: 4,140.3 (+1.67%)

• Crude Oil: 88.20 (+0.18%), jumped straight to the range lows, more below

• VIX: 17.15 (+3.31%)

• Bitcoin: 80,265 (-0.15%), back to range highs, more below

SPX – The bull moves continue to bull.

On my usual swing chart the bull moves continue to bull, although it would not surprise me if we saw a pause after yesterday’s run. 7,750 seems a logical stopping point for the moment, but if we do slice through it like a hot knife through butter, the 7,800/7,820 zone is the range highs and next pause point.

7,750 first, 7,800/7,820 next.

Crude Oil – Sit… fetch… roll over… go bearish!

Crude oil again continues to perform like a well trained service dog. Sit… fetch… roll over… go bearish!

From $96 to $88 in a blink, skipped the stairs and the elevator down and jumped straight out the metaphoric window to the range lows, Wile E. Coyote style.

Meep Meep Splat.

Bitcoin – Back to range highs for the next assessment.

BTC pumped hard and fast off the support lows, the confluence point noted yesterday holding good, and now back to range highs for the next assessment. As prices are not breaking out, the range is likely to continue for the moment, and I’d like to see a move above the $81,500 level before getting excited about a bull breakout move and trend potential.

Above $81,500, then we talk trend.

Double Dip – A little kick back lower might be preferable.

SPY’s Double Dip set up again yesterday, as did XLU. Both are mechanical setups and are seeing their rolling VWAP lines get reclaimed for new entry setups.

Yesterday my XLV trade locked in a transformer trade profit and is now in a no lose situation, and a little kick back lower might be preferable to see if we can land inside the profit tent.

No lose situation, profit tent pitched.

Meme of the Day:

Trade well,

T2 Markets

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