At this level I'm cautiously long. I see this price action as consolidation for the next leg up. Momentum has faded substantially on the hourly charts, but we still look strong on the daily timeframe.
In my previous update (linked) I mentioned $1917.51 as an important level. Its the first level I'm watching today followed by $1925.56 which is a historic level that price reacted around. Once we break through that, my sights are set on $1942.56.
We've had a good jobs report, which should keep us bullish but we could still easily see a dip at open. The levels I'm watching are $1894.89 (strong) followed by $1884.00. I don't think we get lower than that today, but it's always possible to see an excessive dip, if that happens I'm watching the volume node at $1874.47 level. Below that, and we need to step aside and re-evaluate.
In my previous update (linked) I mentioned $1917.51 as an important level. Its the first level I'm watching today followed by $1925.56 which is a historic level that price reacted around. Once we break through that, my sights are set on $1942.56.
We've had a good jobs report, which should keep us bullish but we could still easily see a dip at open. The levels I'm watching are $1894.89 (strong) followed by $1884.00. I don't think we get lower than that today, but it's always possible to see an excessive dip, if that happens I'm watching the volume node at $1874.47 level. Below that, and we need to step aside and re-evaluate.
