As discussed in this post last night, a close below the 20 day EMA would have been very bearish. The NASDAQ managed to hold that technical indicator going into tomorrow's jobs report which could have a significant impact on direction in so far as too many new jobs would signal greater potential for further Fed tightening which is not good for equities.I'm watching the ADX and RSI very closely. If the RSI can stay in the 45- 50 area or move higher, it will signal strength. The all important ADX momentum indicator is coming back into the 20 level which accounts for the lack of momentum. The +D and -D are both very neutral which justifies the absence of direction.
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