With the jobs report tomorrow, which will move the market one way or the other, two charts remain key to the medium term outlook for the market. Will the jobs report push the market through these trendlines?
$IWM hit and briefly broke the $120 level. We've seen this occur a few times in 2015 and in each case a sharp reversal to the upside was what followed. In essence once breaking above $120 in 2015 that level has acted as a springboard.
$QQQ also broke a key round figure today briefly before rallying into the close. $110.
So we have two key big numbers to watch tomorrow on top of the much anticipated Job Numbers. $120 and $110. If those levels hold tomorrow we could be looking at a nice rally into the end of the summer and fresh record highs. If those numbers fail to hold we could be heading into September at lower prices. The $110/$120 figures will turn from a point of support to a strong area of resistance.