Market Stance Ahead of Employment Release
The pattern we see on the TrendMap below would generally be supportive of the trends on the higher time frames to the right. A green grid indicates an uptrend for that market on that time frame and a red grid indicates the trend is down.
Given the chart patterns on the higher time frame charts however, the shorter-term trends definitely need to be monitored. There is currently a potential 2-month double top on the Daily GBPJPY chart, a potential 4 month Head & Shoulder top for EURJPY, and the S&P 500 stock index is waffling right around 1000 — the biggest even number in the financial markets.
Should be interesting to see how the trends line up tomorrow following the non-farm payroll report.
Jay Norris
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This trend map gives a clear indication of the stance of the FX pairs listed, but with further insight into the GBPJPY and the EURJPY, which certainly helps to focus on specific ones and lends a helping hand.
Good to be made aware of the 1000 mark in the S&P Index, it is a big # and traders should be made aware of it too. Good Forward looking here.
(Ascot, UK)