Daily chart for S&P
Daily chart for NASDAQ
The Non Farm Employment Report will be out at 8.30pm Singapore time. Such an important report after 2 consecutive weeks of blood on Wall Street will definitely move the market big time in either direction. If it is good, we will bounce to test resistance at 1050, if it is bad… well good luck to those still holding onto long positions.
Personally I believe that the report will be good but this is just a guess. However I do not wish to put my money where I am not confident of my odds so I had taken all of them off the table. With the market moving so much and so fast down in my favour, I’ve gained a lot of negative deltas that I felt it was no longer worth the risk to ride through the Non-Farm Payroll with my current positions. This had been a good 2 weeks so I’m going to take a well deserved break this weekend.
Daily chart for Gold
Gold is still testing support and not ready to rally. Usually gold spikes when the market goes through a downturn like this but it may lag the market by 1-2 weeks.
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