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.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.