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The eurusd is attempting to make a bearish breakout on the year and the quarter. Look for sells on short to medium term charts. April jobs report came out this a.m. it was worse then expected. The expected was 170k and the number was 115k. We look for a deviation of 35k above or below the expected number. This suggest the u.s. economy is slowing. Be careful in this market this may be manipulation by large speculators, commercials, or banks to create buy opportunities for themselves.

ISM non manufacturing came out today worse then expected. The ESM12 has now broken below the Zone-Trader pivot on the weekly profile at 1396.00. Look for sells in this price area with a target at the 1387.00 price area.

The emini sp is currently in a key price range with the bottom of the range falling at 1387.50 and the top of the range at 1408.25. This area is the persistence zone on the weekly profile within Derivative Concepts proprietary trading method called Zone-Trader Philosophy, and it represents where the fight is the greatest between the bulls and the bears. Today the ESM12 opened inside this zone suggesting there is no control bias and the bulls and the bears are currently fighting for control of the market on the week. This tells us traders to expect an increase in volatility and a whipsaw price action, which will lead to stops being run on both sides of the market. The Zone-Trader Pivot on the Monthly Profile is currently falling at 1393.00, since this is the point of control we can utilize this price level to determine trade direction. If the ESM12 is above 1393.00 and making new highs look for buys on the short term, if it is below 1393.00 and making new lows look for sells on the short term. This should help keep day traders on the right side of the market over the next few trading sessions. Also take note of the half and quarter lines that fall within this zone which is designated in orange as they will play a role in support resistance and direction as well.

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Just because you know how to use Google search and have a gmail account doesn't mean you should try and trade the stock today. GOOG is a ticker symbol best left to the pro's because thats who you will trading against if you venture into that name today. Day trading requires you to find a stock being moved but it has to fit your skill level or bad things happen to your account. You may get lucky the first time you try trading a  stock that trades with a wide spread and thin, but it will bite you sooner rather than later if your trading skills don't fit the volatility. Today I will be looking for profit taking to maybe set it. A great course of action is to let an opening range set in the market(first 30 minutes) and look for stocks breaking to new lows if the SPY is red. If the SPY can trade and hold below 131 it should find a way to test the 130.50 level rather quickly. INTC is trading up this morning on earnings but always seems to find a way to drift lower as the day goes on. Good luck trading today.

Jeff Davis                 Follow me on twitter @Shaq48_Trading