Jobs Report Week
The Dow went completely sideways last week following the 24 Sep rally, netting -0.28% versus the week before.
Despite the ISM index coming in lowest since Nov 2009, major indices still closed higher in the spirit of continuing the current bull trend. Last week's Jobless Claims also turned in better than expected even though its still above the 450K mark.
More employment data this week with the Jobs Report on Friday (see Stock Market Calendar). A positive surprise on the unemployment rate would certainly keep this bull trend going. On the technical side, the Dow is slightly overbought on a weekly basis, making a clean break of the weekly 200MA resistance level at about 11,100 points slightly challenging. This was also the level which started the intermediate pullback back in April. As such, I would expect yet another short term turbulent period after the next leg up to 11,100.
For now, the Dow remains in a short term bull trend, intermediate bull trend within a primary bull trend.
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Despite the ISM index coming in lowest since Nov 2009, major indices still closed higher in the spirit of continuing the current bull trend. Last week's Jobless Claims also turned in better than expected even though its still above the 450K mark.
More employment data this week with the Jobs Report on Friday (see Stock Market Calendar). A positive surprise on the unemployment rate would certainly keep this bull trend going. On the technical side, the Dow is slightly overbought on a weekly basis, making a clean break of the weekly 200MA resistance level at about 11,100 points slightly challenging. This was also the level which started the intermediate pullback back in April. As such, I would expect yet another short term turbulent period after the next leg up to 11,100.
For now, the Dow remains in a short term bull trend, intermediate bull trend within a primary bull trend.
My Market Analysis Sent Straight Into Your Email Daily For Only $5/Month! **My analysis will only be posted here once every other day.
Chart of Dow Made Using Telechart. Want Your Own Charting Software? Download FREE Now!
posted by Jason Ng at 2:28 AM
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