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.
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.
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.
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.
9/17/2021 Stocks are down -0.58% this morning after coming down to test a significant level of support once again. While stocks fall, the dollar rises in the anticipation of sooner-than-expected tapering by the Fed along with a hike in interest rates starting in 2022. Our outlook Other than September being one of the worst months […]
9/16/2021 The Euro-Dollar pair is down over 0.5% today after several days in the red. Today's speech by EU president Lagarde mentioned how the economic recovery had come quicker than expected six months ago. This was praised by the prompt vaccine distribution so citizens could get back to work. Across the pond, the US just […]
9/14/2021 This morning's report on CPI m/m and core CPI m/m came in at a lower percentage than expected which resulted in a falling dollar pre-New York session. The USD is now volatile under the uncertainty of potential tapering and rising rates while the equities market seems to be rising because of this. Our outlook […]
9/13/2021 Big money has been moving out of Australia's currency for nearly a month now which has been the biggest drop in long contracts in this amount of time year-to-date. Australia's dollar index (AXY) is up 0.06% at 73.61 on the day after rebounding from the lows around 71.19. Our outlook Australia's economy has surprised […]