How Will The Stock Market Do With A Good Non-Farm Payrolls Report?
|Jobs show a needed upside surprise.|
Non-farm payrolls of 222,000 should help markets. Weak non-farm payrolls a month ago capped out stock market new highs.
|Charts By Interactive Brokers|
Here you see that June 2nd's report of non-farm payrolls had a role in peaking out the market for the month.
Now that this new report came out bullish the S&P 500 ETF SPY (in the chart) can start moving back up.
SPY Technicals: Let's Zoom Out: Same Chart.
This good economics report should help the market. That line the S&P 500 ETF SPY is sitting on is a middle uptrend line that has been pretty important for the market.
We think it can hold. Good news in combination with an uptrend should help the market hold.
Let's Wrap It Up
Jobs matter because they give consumers confidence to spend which drives the economy which drives the market. Through all the noise we find that there is no more important economic indicator than jobs. The non-farm payrolls report is the grand-daddy of them all. Wishing you profitable trading!
By: Chaim Siegel, Elazar Advisors, LLC
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