9/9/2021
Jobless claims reported this morning which came in lower than expected, a good sign for investors in the stock market. Expectations were 343K and actual was 310K. Prices in the indices were pushing higher in the morning and are now fluctuating on the open.
Our outlook
I think this is good news for the indices which usually perform based on economic news like unemployment rate and output. This news also suggests that the US is on track for a lower unemployment rate. Tomorrow's PPI numbers will also be a big factor in the index's behavior, but today's claims could have catalyzed an uptrend for the day.
Trade Setups
SPX500
The index already saw a huge bounce on the 4H timeframe after dipping to the lows of $4486 which could serve as new support now. The past 12 hours has been very good for stocks as we appear to be rebounding from the uncertainty from yesterday. Price is now near resistance around $4525 with further resistance above that at $4548.
NAS100
The Nasdaq also rebounded this morning bouncing up from a bottom around $15,560s. Tech stocks already look like they're coming up to the all-time highs at $15,706. There could also be consolidation between these two levels of support and resistance if the market doesn't have enough momentum to break to new highs.
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