Someone tried very hard to defend the previous day low and failed. The mini double bottom made at S1 did not quite make it to its target. Not enough buyers today?
In triangle since premarket, should resolve to downside since thats where the probability lays. Not to mention the other job numbers coming out tomorrow. Probably price in.
yeap, SPX is symetrical, DJX is descending triangle, both means down. Edit: Going in the wrong direction....
However, I'd be careful of an upper trend line break. IHS on multiple timeframes on the NDX could give a sizable pop.
this is just like the last two unemployments, sell off two days going in, spike down / level on release and then rally through to rip the hearts out of shortsellers.
In fact I havent seen anyone rip any shorts since December 07. The only people that hurt the shorts at all are the shorts themselves. The Bulls are the ones getting ripped. Thanks st0cktrad3r!!!!!
If yesterday's low serves as support, then the PP will be hit (unusual for it to be missed two days in a row).