Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

All Eyes on the Top of the Channel

What is important now technically heading into tomorrow's Jobs Report?

-- The upleg off of the June 24 low has hit a new all-time high today at 1704.97.

-- If the SPX reacts positively to the report, and continues higher, then the next target zone is against the upper-channel boundary line, now at 1730. A 1% over shoot of the upper line projects to 1740. The 1730-1740 area should put a lid on the June-Aug upleg.

-- If investors react by "selling" the employment news, then a sustained break below 1685/80 is needed to trigger preliminary sell signals that the June-Aug upleg is complete, and that a correction is likely, especially given the weekly RSI momentum non-confirmation of current new all-time high.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!