4 Sept 2015 - Good Job Bad Job

I guess it didn't matter what the jobs data produced.  One thing was clear, today's jobs report was deadlocked.  The data showed there was a drop in unemployment, yet there were less jobs added than anticipated.  So what does a market do with a situation like this?  Maybe dump the market so FED's don't raise rates I suppose.  Although it is still not clear if they would raise, today's move in the market just inches us closer to the possibility of a pause, because no one likes a rate hike.  To me it doesn't really matter, because it will eventually come.  So while we wait and trade, lets look at what happened recently and see if we had any changes to our indicators.

Prices are still hovering above the Gann angle that we have produced in our daily charts in the past. Despite the throw under, prices still kept its cool and paused here and as time and price rise with the angle it would be prudent to watch an eventual break of this or price need to move away from this line.  Any break of this line would have us moving much lower, perhaps 1800-1700 before we see any bounce.  By this point if this scenario comes to fruition, EW would dictate a bear and that a 1st decline has been solidified and that future patterns will only delay the inevitable.

The ST was at risk of turning bullish again today even with the negative moves the last two days.  This though did not materialize as prices regressed by the last 3 min. of trading.  So the bearish scenario still stands and the bulls can sweat it out over the long weekend.

SEN: Bearish
ST: DOWN
PA: DOWN

With the intra-day being in OS and the daily signals closing in, there is a risk for an acceleration to the downside.  Just something to keep in mind.

My sentiment is that the FED would rather pause than hike or do more QE.  Therefore a draw down in markets would see this happen.  A fine line between having to raise rates and complete collapse would put us within the 1800 range with a too close for comfort for anti-QE at 1700 (20% from top).