I am currently looking at the Wall Street 30 to see if the current pattern will playout or not. The Wall Street 30 is currently in a rising wedge formation post the Non-Farm Payrolls number. A rising wedge technical pattern is a formation that indicates that the price action might move lower at some stage if supported by fundamentals.
If the fundamentals support the technical pattern this afternoon we might just see the price action move lower.
I will be sitting tight until the NFP number is released at 14:30 (local time) to see if the wedge pattern will hold or if we see a sell-off from the 26337 level lower to a target price of 26153. If the pattern holds then we might see the price action move higher back to the highs, we saw on Wednesday.
Chart Source: Bloomberg
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