Wall Street awaits important unemployment data
After a start to the week without references in the United States due to the festive day, in the sessions on Tuesday and Wednesday we could see how Wall Street has traded practically flat during both sessions. Tuesday featured mixed results, with slight falls of 0.09% and 0.05 in the Nasdaq and the SP500, while Dow Jones scored a 0.13% increase during the session.
Meanwhile, in Wednesday’s session, we could also observe a practically flat close in a session in which the three indices closed positively with slight increases of 0.14% for the SP500 and the Nasdaq, whereas the Dow Jones rose by just 0.07%. This represents a clear sign that US investors are waiting for the publication of the unemployment data corresponding to the month of May tomorrow, along with the weekly unemployment report. The possibility of better than expected data could be interpreted as a strong economic rebound, which in turn could bring back the fear of inflation.
If we focus on the Nasdaq, in the daily chart we can see that it is currently fighting to recover an important level of support and resistance that could open the doors to a possible rally to 14,000 points and an attack towards its current level of all-time highs.
If we focus on the H4 chart, we can see how both its MACD indicator and the Stochastic are losing steam at this resistance level, which could lead the price to pull back to its 200 red average of H4 to seek momentum. The loss of this important support level could cause a further correction to the area of previous lows around 13,360 points.
Evolution in the last 5 years:
- 2020: 43.64%
- 2019: 35.23%
- 2018: -3.88%
- 2017: 28.24%
- 2016: 7.50%
With the Admirals Trade.MT5 account, you can trade Contracts for Differences (CFDs) of the NQ100 and more than 3000 stocks! CFDs allow traders to try to profit from the bull and bear markets, as well as the use of leverage. Click on the following banner to open an account today:
INFORMATION ABOUT ANALYTICAL MATERIALS:
The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the websites of Admiral Markets investment firms operating under the Admiral Markets trademark (hereinafter “Admiral Markets”) Before making any investment decisions please pay close attention to the following:
- This is a marketing communication. The content is published for informative purposes only and is in no way to be constructed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
- Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.
- With view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
- The Analysis is prepared by an independent analyst, Roberto Rojas (analyst), (hereinafter “Author”) based on their personal estimations.
- Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.
- Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
- Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.
