Markets are slightly down after worse than expected non-farm payroll numbers were reported at -85K against what was expected to be an unchanged number. The rest of the employment report came in more or less as expected. This negative news looks like it will propel the market to open below $113.90, a key short term level that should influence the market to move lower today. An open above $113.90-$114 would give a positive bias to the market which would most likely leave room for more gains to the upside.
So, this should provide at least some short term relief for the bears.
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No short term relief for the bears after-all. Market ended the day with a surge to the upside. I thought the slightly negative employment data and an open just below a resistance level, would be enough to keep the market from reaching new highs. I was wrong. market continues to appear strong.
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