Tomorrow's Jobs Report is Pivotal

The 5-day average remains in a down slope, so despite the past two positive days the near term trend remains down. The intraday action has continued to be choppy this week, but the market is vulnerable to a sharper drop should it close out the week on a negative note.

Right now the price action appears to be at a stalemate and is likely to remain that way until tomorrow's jobs report is released. If the report shows more job loss then it seems likely the market will sell off. A sell off would firmly break the long term trend on the QQQQ and would provide follow through to last week's SPY sell signal.

If the market doesn't sell off on Friday then prices will likely remain range bound and a run back up to February's highs may be in order.

If you haven't gotten the hint yet, Friday's jobs report is pivotal.

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As noted above what happens next probably depends on the reaction to tomorrow's jobs report.