The markets are trading in a very tight range today after last Fridays gap down to the master level of $102 on the SPY. This signaled a completion of the second down move of the markets and a bounce was coming. The first move down took us to $104.00 on the SPY, another master level. Off of that level, the markets bounced 3 points to $107. Off the current master level hit from last Friday, the markets have bounced a total of 4 points to a high just over $106. These technical calculations take time but are extremely accurate and continue to great the money tree we talk about so often. The move today in the markets is much like a pause day ahead of the biggest economic data of the week. This data will be the initial and continuing claims reported tomorrow at 8:30am ET. After the technical bounce off the $102 level, the markets today have gone into the pause as they look to that number for the next move. Stay tuned as this will be the tipping point for the week. Jobs data reported tomorrow at 8:30am ET!
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