Major averages rose yesterday on slightly lower volume. The 50-day moving average currently serves as upside resistance to both the S&P 500 and NASDAQ Composite. Attempted bounces have so far been on lower volume as the market has established a downtrend over the last two weeks.
This morning the Bureau of Labor Statistics released its monthly jobs numbers, reporting new non-farm payrolls of 223,000 vs. estimates of 218,000. While the number may be considered to provide the Fed with another data point leaning on the side of raising rates, the futures are rallying sharply on the number. Whether this has the ability to spark a resumption of the market's uptrend remains to be seen.
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