S&P 500 gap closing pullback after hitting 2727 points
Updated
A short-term pullback closing the recent gap below 2719 points is possible in the next days, after the market rallied beyond 2729 today.
A tight stop loss is recommended in case the market makes new all-time highs in the next week.
Short entry: 2728
Stop loss: 2735
1. Target 2714
2. Target: 2700
Risk to SL at 2735: 7 points
Reward (1. Target): 14 points
Reward (2. Target): 28 points
A tight stop loss is recommended in case the market makes new all-time highs in the next week.
Short entry: 2728
Stop loss: 2735
1. Target 2714
2. Target: 2700
Risk to SL at 2735: 7 points
Reward (1. Target): 14 points
Reward (2. Target): 28 points
Trade closed: stop reached
The latest US Nonfarm Payrolls data was released today:"Non-Farm Payrolls disappoint"
fxstreet.com/analysis/us-labor-market-report-non-farm-payrolls-disappoint-201801051543
"Non-farm payrolls increased by 148,000 in December, clearly below market expectations of a gain of 190,000. In addition, the numbers for the two previous months were revised downwards by 9,000 in total."
"US created only 148000 jobs in Dec, vs 190000 jobs expected"
cnbc.com/2018/01/05/us-nonfarm-payrolls-december-2017.html
"The retail sector lost 20,000 jobs despite the holiday shopping season." "A little bit of a disappointment when you only get 2,000 jobs out of the government and get retail at the absolute busiest time of the year losing 20,000 jobs. It just goes to show the true struggle that traditional brick and mortar is having now."
Because this important data is bearish, the market rallied like crazy to new all-time highs - beyond my recommended stop loss level for the short. Let's see if next week starts a decline to digest all this madness for a moment.
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