Well we had a dismal jobs number last night in the U.S. and the HFT algos tried to smash the market but the bulls moved in and started buying in spite of the bad news, which was quite a surprise to me but there you go. I have given up trying to guess what the outcome will be from announcements now. This is not an uptrend on the daily yet but we do have two indicators crossed up and a double bottom on the daily which is one of my favourite buy patterns. Before we get too excited though, lets have a look at the weekly below.
The weekly looked like it was in danger of making a new low through the week but it managed to turn around and has now closed above support. The three weekly indicators are all crossed down still however and this means that the overall trend is still bearish in spite of the rally on the daily so caution must be the rule here. While the weekly MACD is crossed down there is a strong chance that this rally could fail. I am not saying it will, it is just something to keep in mind.
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