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Traders -Here’s How To Enjoy the Holiday
www.oneoption.com
This is going to be a low probability trading environment today.
PRE-OPEN MARKET COMMENTS FRIDAY – The earnings news this week had the potential to spark a breakout one way or the other and that did not materialize. Traders are going to get an early start to the holiday and the volume will dry up.
If you force trades on a day like this, you are likely to lose money. That will leave a bad taste in your mouth the entire weekend. Moves that look good can instantly reverse, just like the rally yesterday. If you don’t trade, but you spend the day setting alerts and monitoring price action, you will be proud of yourself for resisting temptation. That is a positive feeling and your efforts will set you up for next week. End the week on a positive note.
The PCE deflator was unchanged from the last reading. Next week we will get major economic releases and the market will wait for those. I feel that solid jobs numbers will be more market friendly than weak jobs numbers accompanied by a Fed rate cut. A soft jobs report will keep traders wondering if the Fed is going to cut. They have been noncommittal and they said they are going to keep watching the data points.
Support is at the 50-day MA and resistance is at the all-time high.
HAPPY LABOR DAY!
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