Technical Analysis: Jobs Report On Deck
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The market's response to tomorrow's jobs report should be interesting. If inflation and interest rate fears have become as dominant as they appear, a strong report might get sold and a weak one bought. Remember those days? One huge plus for the bulls going into tomorrow's report is the extremely high equity put-call ratio today. With fear that high, a gap down in the morning could get bought. The Nasdaq (first chart below) has strong support at 1920-1924 and 1897-1900. Resistance is 1950 and 1973. The S&P (second chart) has support at 1106-1107, 1098-1103 and 1087-1091, and resistance is 1122 and 1125-1129. The Dow (third chart) faces resistance at 10,275, 10,308-10,333, 10,350 and 10,370-10,400, and support is 10,217, 10,170-10,182, 10,108 and 10,000-10,040.