All that Matters Today is the Close

The only thing that really matters today is the market close going into the three day long holiday Easter weekend.  It is vitally important and probably quite predictive of how next week will shape up, or ship out so to speak.

If we close at or near the highs today then one has to really hand the credit to the bulls for not only closing the market higher out of this recent consolidation on the end of week, but also doing so on the end of week right before a long holiday weekend.

If the opposite occurs and we close at or near the lows today and maybe end up creating another gravestone doji, then at least it keeps the bear scenario alive going into next week and actually would give it a little extra kick in my opinion.

But at least as of right now the market is hitting higher on all cylinders and the NYSE composite index is blasting higher almost consistently all day long in a very strong bullish looking candlestick.  And notably this is also the first trading day of the new month of April and second quarter as well.

The good news keeps piling on on day after day.  The economic recovery continues and the market trades higher.

But I still think the pressure is on the bulls going into next week.  They are going to have to deliver a simply superb jobs number on Friday and then some to keep us trading higher all next week.

So if your a bear, hope for a flat to slightly negative close today.  And if your a bull, hope for a very strong close today near the highs.

Posted in Index Trading, Market Timing
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