Possible Bear Trap Setting Up

The macro backdrop technically and fundamentally remains bullish. Nothing has changed this week.

PRE-OPEN MARKET COMMENTS FRIDAY – The market has given back some of the recent gains to start the year and this morning’s initial reaction to the jobs number is negative. To preserve my longer-term bullish bias I need this dip to be brief (1 week) and shallow ($SPY finds support at $464).  If this scenario plays out the market will rebound forming a bullish flag on a daily chart and we will make a new all-time high by the end of the month.

Daily Bulletin Continues...