Technical Analysis: So Much Depends Upon A Jobs Report

We’d note a couple of negatives heading into tomorrow’s jobs report: the Dow and S&P (first two charts below) continue to look like a consolidation at the lows, suggesting the potential for more downside, and rallies continue to occur on falling volume. Here’s hoping tomorrow’s news will change that pattern, but the set-up isn’t as promising as we’d prefer. The one positive we would note is that the Nasdaq (third chart) looks like a bullish harami candlestick today, and it’s doing a nice job clinging to its 50-day moving average. Support on the Nasdaq is 2010-2012, 2000, 1975 and 1950, and resistance is 2025, 2031 and 2040-2044. The S&P has support at 1125, 1121, 1112-1115, 1109 and 1105, and resistance is 1132, 1135-1136 and 1142-1144. The Dow has support at 10,447-10,453, 10,417-10,434 and 10,350-10368, and resistance is 10,537 and 10,570-10,600.

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