Before the Open (Oct 1)

Good morning. Happy Thursday. Happy October.
September is in the books. It was another up month – the market’s 7th consecutive. Such a winning streak has only occurred twice since the mid 90’s, and the point gain this time around is by far the greatest. …

Here’s the SPX 15-min chart. Two lower highs and one higher low are in place – pressure is building.

But tomorrow before the open the Labor Dept releases the most recent employment data. Are the bulls or bears ready and willing to aggressively take a stand before a potentially market-moving number? I doubt it.
Here’s the US dollar chart. The trend remains down. This supports an up market.

I’ve been in conservative mode this week. The charts got a little messy, but I wasn’t willing to jump feet first on the short side. I also wasn’t willing to press the issue with longs. The market is my guide. I do what it tells me to do, and the signals it was sending coming into this week weren’t clear. If you plan on trading for many years, you have to be comfortable laying low from time to time. That’s what I’ve done this week. Tomorrow should help clear things up some, and then hopefully a direction will take hold early next week. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
yesterday’s Sector Performance
this week’s Earnings Reports
this week’s Economic Numbers
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