Morning Ideas May 6, 2021
A lot of volume overnight with very little market movement. This usually means the market is coiling and ready to break out.
I would expect the catalyst for that move to be Non-Farm Payrolls number tomorrow morning.
As for today, I wouldn't fade a move in either direction because i think a directional move will be swift and have legs.
If trading were easy, NFP would be today and the move would happen 30 minutes from me writing this. It complicates things that it's not for another 24 hours.
All these things (high volume coiling, NFP tomorrow, market struggling to hold on to higher prices) makes picking a direction challenging.
Either way if you're going to play ball in here, just make sure your stops are wide because it will likely be volatile and swinging 10-20 points in the blink of an eye once we break here.
I would expect the catalyst for that move to be Non-Farm Payrolls number tomorrow morning.
As for today, I wouldn't fade a move in either direction because i think a directional move will be swift and have legs.
If trading were easy, NFP would be today and the move would happen 30 minutes from me writing this. It complicates things that it's not for another 24 hours.
All these things (high volume coiling, NFP tomorrow, market struggling to hold on to higher prices) makes picking a direction challenging.
Either way if you're going to play ball in here, just make sure your stops are wide because it will likely be volatile and swinging 10-20 points in the blink of an eye once we break here.
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