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SP500 continues its attempts to settle above the resistance at 4285 as traders react to the Initial Jobless Claims report, which showed that 261,000 Americans filed for unemployment benefits in a week. Analysts expected Initial Jobless Claims of 235,000, so the report has significantly exceeded analyst estimates. Treasury yields are moving lower as traders bet on a more dovish Fed after the release of the disappointing job market data.
From the technical point of view, SP500 needs to settle above the 4285 level to have a chance to gain sustainable upside momentum. RSI remains in the moderate territory, so there is enough room to gain additional momentum in case the right catalysts emerge.
R1:4285 – R2:4325 – R3:4360
S1:4250 – S2:4215 – S3:4200
NASDAQ
NASDAQ rebounded after yesterday’s sell-off, which was triggered by profit-taking. The pullback in Treasury yields provided some support to the yield-sensitive tech stocks. However, the key catalyst for the rebound is the strong bullish sentiment towards AI-related stocks.
In case NASDAQ settles back above the resistance at 14,450, it will head towards the next resistance level at 14,600. A successful test of this level will push NASDAQ towards the 14,800 level.
R1:14,450 – R2:14,600 – R3:14,800
R1:14,300 – R2:14,100 – R3:14,000
Dow Jones
Dow Jones tests resistance at 33,800 amid a broad market rebound. Boeing, which is up by 3.5%, is the biggest gainer in the Dow Jones index today.
If Dow Jones settles above 33,800, it will head towards the resistance at 34,000. A move above this level will open the way to the test of the next resistance, which is located at 34,130.
R1:33,800 – R2:34,000 – R3:34,130
S1:33,650 – S2:33,500 – S3:33,300
For a look at all of today’s economic events, check out our economic calendar.
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