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S&P 500 Stock Market Looks Primed for Breakout Today 9/3/27

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Happy Labor Day Weekend! First, let's start with the 4 hour bar look for perspective. This thing just keeps grinding away at resistance, while staying around and above the top of the megaphone pattern that began in July. 

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Now, the usual one hour look, shows pretty much the same thing. An early 5 day cycle projection points to 4570 here at 6:30 AM in New York. BUT, they haven't broken out and hourly cycle oscillators are on the cusp. This could still go either way. 

The benefit of the doubt should always go to the upside until proven otherwise, so I lean toward that view here. In that case, the initial target lines are around 4562-65. 

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And for your longer term listening and dining pleasure:

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We got a crash on the jobs report, but look where their sitting now. Right on the magaphone line. 

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By the way, no one should have been surprised by the jobs report, which was a relatively accurate guess by the BLS this month. We saw this in the tax data over the past 6 weeks. One data set is fact. The other is artistic impressionism. I'll let you decide which is which. 

https://liquiditytrader.com/index.php/2021/08/26/link-corrected-qe-still-100-of-treasury-issuance-but-coming-change-crash/

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The beauty of these markets still amaze me after all these years, even in all time frames. Here's 4 minute NQ for last 2 days. Yesterday's decline of 131 points was within 5 points of a perfect 7/8 (87.5%) decline of a 156 point octave (156.25 is a Murrey Math octave, think of it as Gann angles, kinda).

Today's decline of 125 points was within 8 points of a perfect 6/8, and then it put in a slightly higher low (by .5) vs. yesterday, then up it went. Given the sloppy way I trade, 5 points and 8 points using NQ is plenty close. 

Back in U.S. next week and will be hanging around the Stool Cooler more. Missed it. Hoping that some market fireworks start after the long weak end and maybe bears can finally get something going that sticks for a bit. I have my doubts, but I also have my hopes. 🙂 Hasta luego! 

Screen Shot 2021-09-03 at 11.23.04 AM.png

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Gorgeous night here in Warszawa.  The town is jumping. Had another fantastic meal at a little Italian joint in the trendy Powisle neighborhood about 5 blocks from my apartment. Then walked up the hill through the Warsaw University neighborhood. Typical of a major urban university campus on a Friday night. Strikingly upscale though. This town is full of surprises. 

 

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