Last Friday Non Farm Payroll announces low non-farm payroll, although there are 3,000 gains result in the 80,000 gain in employment but this figure is fall short of market expectation of 100,000 gains.
Growth in private payroll was the weakest in 10 months.
US stocks fell in line with the low job creation, unemployment rate stood unchanged above 8% at 8.2%.
DJIA 124.20 pts and close at 12,772.47 on last Friday.
DJIA fell 103.38 pts (-0.8%) for the week.
From the weekly chart, market seems neutral and from the candlestick pattern we observe a little bit of pull back on last Friday when DJIA traded down to 12703.07 pts.
From intraday (4H) this low 12703.07 pts also touching EMA50 (4H) which signifies market were finding support near 12700.
Current resistance 12800.
We reckon market to trade between 12700-12800 on Monday.
YM (Broco)
Early of the week,
We reckon market to trade between current support 12650 and current resistance 12780.
We forecast after a lackluster Monday, market might trade down to test new low 12620 (2L) before a technical rebound back to 12750 again.
Pay attention to Wednesday 8:30pm Trade Balance and 2am FOMC meeting minutes. Market were generally hoping for positive announcement which might drive the market up.
Next economic figures to look out is Friday 8:30pm PPI which might be the key driver to next market direction.
Technically, if resistance 12750-780 is strong then we might see another leg down towards target 12480.
Nasdaq 100
Nasdaq 100 weekly chart show more bearish sentiment than Dow, however, a similar pullback shows that the same might happen – consolidation between 2600 – 2620.
This pull up might be capped at 2620, lets say market break above 2620 next resistance 2630.
Similar to Dow, I am hunting for short towards mid / end of the week near the above mentioned resistance 2620 / 2630 and aim to take profit at TG1: 2600 and TG2: next support 2585.
Wish all has a profitable trading week.
Cheers
Ayumi
i wouldnt short the nasdaq at earning season
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