Friday, August 3, 2012

S&P Morning Update for Aug 3, 2012

The Jobs number has rallied the market overnight. Overnight Inventory is almost all long. If we Open now - we would Gap higher. 1380 (prominent merged POC), 1382.5 (last week's close) and 1387 (3 day high) remain key references to the upside and 1375-76 - breakout level are key to the downside. If the Gap is filled to the downside - see if Value can get to unchanged - if Value cannot get to unchanged the odds of late day rally are high.

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