The US stock markets gave back all of Wednesday’s post-FOMC rally and more on Thursday as sellers wiped the floor with the market. Get your market update from nickcawley1 here:
The monthly US Jobs Report is released at 12:30 UK today with the market looking for 391k new jobs created in April compared to 431k in the prior month. The unemployment rate is seen ticking marginally lower to 3.5%, while month-on-month average hourly earnings look set to remain unchanged at 0.4%. The US jobs market remains robust and unless today’s report disappoints, the
shows how technical analysis can work even in times of turmoil. The bullish hammer candle we identified on Monday produced a sharp rebound until yesterday’s sell-off, while the zone of resistance we looked at around 4,300 – 4,310 held on Wednesday and Thursday. For the S&P to have any chance of recovering in the short term then 4,060 needs to hold otherwise 4,035 will come into play fairly quickly. The 4,300 – 4,310 resistance zone should hold any attempts to push higher.
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