7 SEP
7.00 A.M. GMT
Long Term=Up (major resistance 1767-1804 needs to be exceeded on a monthly close to resume long term up bull trend)
Medium Term=NEUTRAL (Major Resistance 1685-1712 Monthly Close) Technically in the best condition we’ve seen in a while. One more push would put trend bullish.
Intermediate Term= Bullish – Price has turned up and so is the trend.
Short Term= Bullish – The market moved to bullish due to the Friday move. It takes a close below 1666 to go to a neutral reading.
Support and Resistance for Friday
Initial resistance 1703-1713 2nd tier 1725-1735
Initial Support 1678-1688 2nd tier 1663-1673
The last update listed resistance at 1710-1714 and the high was 1718 basis December. Initial support was listed 1683-1693 and the low was 1692.5.
What Next?
The job report will set the pace for Friday. The trend remains up.
