Soft jobs numbers shaved the odds of a rate hike this month and that gave the already inflated markets a new boost. This sets a stage for broader movement upward from other stocks, but will that lift have the breadth everyone has been starting to watch? It’s days like this that make it a long road to Monday morning.

Although we have to wait and see what the market looks like when it sobers up on Monday, this is the kind of lift that can be a foundation for the trade we looked at this morning.

Here’s the chart and some things to consider:

I added a line to the chart that shows where resistance over the last two weeks turned into support and provided a foothold for yesterday’s jump. If that holds today, all eyes will be on that level Monday morning to see if becomes the springboard we are looking for. The more that level is tested and holds, the stronger the momentum to the upside.

Hope you have a great weekend and we will check in Monday morning.

Keep learning and trade wisely,

John Boyer

Editor

Market Wealth Daily

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