Friday’s trade limited to Globex with the ES and NQ remaining open for about 45 minutes after the data was released. Not much to talk about with regard to the reaction it was somewhat muted with the data itself showing a steady slightly lower employment rate at 3.5%. Sunday’s Globex sessions started with the equity indexes moving higher before pulling back just before the Asian markets get ready to open. The EW patterns continued to hold within parameters previously discussed leaving me with not real changes to make.
Next week I detail the economic data that is expected during the week – with most anticipation coming until the release of the CPI data on Wednesday and the PPI data on Thursday. Also earning season begins next week. The banking sector begins to roll out earnings with Citigroup and JP Morgan reporting on the 14th.
For Monday I update the Fibonacci extensions to cover the expected finishing moves to the current countertrend moves.