Thursday’s narrow range light volume day left the market winding up for a move going into Friday’s jobs data.
Nasdaq 100 did manage to hold onto green at the close, while the other broader markets were all slightly red. The week has been a little rocky and economic data is definitely taking center stage. So it is fitting our week will end with employment data and ISM services.
Gold closed higher again today at $627.80 up $8.50 on the day. Leaving us with $21.00 gain after two sessions, caution going into Friday with a short term overbought view. Crude closed down 83 cents at $57.88 on the day. Without supply pressure on crude the price seems to be in drift mode and not showing the volatility we saw a month ago.
Friday we can look for pre market movement upon the announcement of the jobs data. The data all week has made the market question the soft landing and where the economy stands. This data will either contribute to the jitters or put it to rest. I actually don’t think that data will be terrible, it could be a little disappointing but I don’t foresee it to be horrid. Purely speculation and doesn’t really matter, we’ll trade what we see. The bulls are still hanging around and any pullback could be the one to see them step in. We are off the highs and correcting, so another day of bad news and selling would put us at a nice level of support into next week.
Economic data for the
Week of Oct. 30th– Nov 3rd: Friday 08:30 Nonfarm Payrolls, 08:30 Unemployment Rate, 08:30 Hourly Earnings, 08:30 Average Workweek, 10:00 ISM Services.
Some earnings for the week of Oct 30th – Nov 3rd: Friday pre market – DUK, OMG, THQI and after the bell – LNG.
ES (S&P 500 e-mini) Friday’s pivot is 1370.75, weekly is still 1384.25. Intraday Support: 1370.50, 1367.25, 1364, 1361. (completes the head and shoulders measured moved shown on the chart), 1359 (fills the gap). Resistance: 1374, 1377.50, 1379.50, 1383.50, 1387.
BKX (Banks) closed -.59 at 112.44 closing just under the 50 day moving average. Financials have been very strong and now losing some ground and closing red for the third day. Friday we need to watch the close for over or under the 50dma (green line on the chart). Support: 111.99, 111.30, 110.77. Resistance: 112.7050dma, 113.22, 113.88, 114.33.
Good trading to everyone.
Teresa Appleton has traded equities and options for
nine years and futures for seven. She is founder and CEO of TradeLogic, LLC. For
more information about Teresa and the training she offers stock, options and
futures traders,
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