The graph to the right shows the S&P price channels. The bears brought the S&P down to the bottom green line before the close followed by a quick bounce up at the closing bell. In doing so, the S&P also came back down from the day's 845 high to 830, which was a retest of its previous high on March 26th. The bulls will hope to bring the S&P back up to the top green channel line tomorrow. The bears hope to bring it down to their bottom red channel line.
The daily Stochastics went back to a buy signal, but the 60-min, 30-min, and 15-min are on a sell saying prices should drop tomorrow. Where we go in the morning will depend a lot on the jobs report due out at an hour before market open tomorrow (Friday), but the market will likely rally from here until absolute exhaustion. Any bad news from the jobs report tomorrow will be disregarded going into afternoon trading. I expect the market to rally tomorrow. Buy on the dips.
I will post the CPC and CPCE indicator graphs later.
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