Before the open:
- We are in a covering-environment
- We had a gap up and hold higher prices for 2 days now
- Yesterday was an outside day that closed strong
- It looks like we stay in status quo (covering mode) (=bullish) as long as we do not close the gap below and find acceptance there
But: Big numbers are coming
- Tomorrow we get non-farm-payrolls
- This increases the odds that we do not get much movement today
- …that we stay in balance, get some chop, …
- Try to trade from a little more defensive, responsive standpoint
How did the day developed
- We started very strong and it seemed we could test rth h
- But we failed hard
- Even so we failed hard we did not get much on the downside
- We ended with an inside day