Employment Shocker
The Employment Report shocked the market with the largest job contraction since 1991 and an increase in the jobless rate.
S&Ps are trading at 1238.50, minus 15.80, and are trading at a new low for the week. For today, we have a neutral range that is very large, extending from 1258 on the upside to 1237.50 on the downside.
On the downside, if we get below 1237.50, we are looking for 1229. We have support between 1231.50 and 1228.50. Limit down comes in at 1227.30.
On the upside, expect resistance between 1241 and 1243.50. If we get above this, look for 1250 and expect some resistance in cluster between 1246.50 and 1251.
NASDAQ is trading limit down at 1843.50 offer. Underneath limit down, we have support between 1828 and 1815. If we get beneath that, 1805 to 1790 is support. Double limit down comes in at 1800.50.
If we can get back above 1843.50, 1860 to 1875 is resistance. Yesterday’s low was 1863. Above this is unchanged at 1885.50.
The Dow bounced well off the session lows yesterday, but still settled down. Today it will be very interesting to see if money continues to flow into the Dow stock and out of the tech stocks.