Okay...a little scare for the bulls pre-market..but we do seem to be holding here very well -whilst the cycles are resetting themselves for the next up move into next week.
Sp'60min
IWM
Summary
Best case - market has floored, and now we'll trundle around today - probably not too much either way, and then we await Fridays jobs data.
Best case bulls...we'll move into Monday will a significant gap upward..maybe even straight over sp'1422..which would cause a pretty serious stop reverse-cascade upward. That would easily open the door to 1440 as early as the end of next week.
Worse case for the bulls, currently would be a break lower Monday, <80 on IWM, and sp 1370s. If that is the case, then the overall bull case (sp'1550 by July - which I currently hold to) would be in critical threat..and the top may instead be in for the year.
*I remain long, and will hold across the long weekend. Coming from a Permabear, maybe that says something.
*Futures and Bond markets will be open Friday, whilst NYSE is closed.
More later in the day.
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