In early going it felt like another trap door was going to open with the SPY hitting the dreaded -1000 trading imbalance.
The intraday SPY TrendX chart says it all.
We were left with a cautious recovery from the days lows but a with a weak close well off the day's highs. The TrendX momentum looks slightly positive for tomorrow but, once again, this is not a time for large scale bullish positions.
A lot of eyes are on Friday's jobs report which may be horrible based solely on the terrible weather that most of the country has endured for the past 6 weeks... making it hard to impossible for many people to even get to work if they have a job.
