As the week progresses, we should start to see some more back and forth action within the day as opposed to having most of the action occurring in the first hour.
Non-farm payrolls, hourly earnings, average workweek, and the unemployment data are all set to be released ahead of Friday's open. This will be the primary stimulus for momentum on Friday, but since it occurs in the premarket, much of the immediate aftermath will already have subsided by the open.
Toni Hansen writes that the congestion into this week has not displayed a sharp bias for downside on anything more than just solitary waves of selling on the 15-minute charts, nor has the downside seen much volume yet.
Because of the highly range-bound type of correction taking place in the market since mid-month, Toni Hansen is not going to go into Tuesday with a strong bias and will instead just wait to see what the top momentum stocks are heading into the session to use to develop an intraday bias.
Toni Hansen doesn't have a strong bias in the overall market heading into Thursday. The indices still look like they wish to remain congested on the 60-minute charts, but the current activity is still more bullish on the daily charts.
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