Setting the Table

In front of the jobs number tomorrow morning stocks look to be setting the table for yet another directional move. 

To update our running look at the IWM, ETF of the Russell 2000 Index small caps stocks, the 30-minute timeframe, below, shows the highlighted (light blue) rising wedge breakdown, leading to a falling channel (purple lines). Bears still likely need to see an acceleration of the selling lower in order to make a meaningful dent into the rally since late-September, however. 

But pullbacks remain fairly benign so far, even if the price action below the surface is narrow, in terms of upside momentum beyond the widely-watched and widely-known AMZN FB GOOGL action.

I will discuss those topics and plenty more for Members in my usual Midday Video.