NFP Friday at the beginning of an Autumn month. We are at an interesting spot in terms of price action, but it may be tricky to see the right setup today.
We remain bearish below 12253 and have a number of bearish signals developing right now (at the time of writing). For example, we have now tested the underside of the triangle (centre bottom chart) and closed the gap (centre top chart) and touched the median line of the fork (centre top). These all point to a move down.
On the other hand, it’s the beginning of a new month which can bring with it fresh capital and new money and the NFP liquidity drain can create a volatile trading environment. And of course price action continues to rally.
So today is likely going to be a day for patience and watching, because Monday and Tuesday will likely create some opportunity.