S&P 500 – Trend line hurdle caps gains

Deutsche Bank described today’s US NFP and wage growth numbers as a ‘classic risk-on’ data, however the trend line hurdle is capping gains. Take note of the fact that the index closed below the trend line yesterday. I would go short on the index if the failure at the trend line is followed by a break below the session low of 2407.

download (3).png

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s