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The One Chart You Need to Watch This Friday

15 Minute Chart of the TF Futures -- the Russell 2k index:

This market probably has one good move left in it before trade facilitation winds down towards the end of the year.

Most indexes are right in the middle of their 3 month ranges, so it's tough to gauge a direction off the daily charts.

But if you zoom in a few timeframes, we are at a very clear inflection point for the markets.

A sustained move above 825 and we will most likely tag 840-845.

A sustained move sub 815 and we will most likely retest the pivot from November 28, which is around 800-805.

The market is just looking for a reason. We've got a jobs number tomorrow and then fed voodoo next Wednesday. We should have a signal by then.

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by Steven Place

Steven Place is the founder and head trader at