U.S. non-farm payrolls for November rose sharply to 227K, well above the market expectation of 200K and significantly higher than the previous value of 36K. The unemployment rate held steady at 4.2%, in line with forecasts. Following the data release, stock indices quickly rebounded.
However, SPY reached the pre-market key resistance level near $608 yesterday before pulling back. It remains below that level pre-market today, making it the first intraday resistance to watch. A quick move above this level at the open could lead to further gains. On the downside, $605ish remains a key level, marking the intraday bull-bear pivot point. QQQ’s key level is still the same as noted in yesterday’s pre-market guidance.
Most individual stocks were up pre-market, though gains were modest. Cloud stocks, apparel brand LULU, consumer name W, and e-commerce platform SHOP led the way.
Tesla (TSLA) broke out yesterday from a three-week consolidation triangle, targeting its previous all-time high zone. Microsoft (MSFT) also caught up, moving back above its triangle consolidation range and key price platform.
Few other sectors showed strong stock performance. Notable relative strength appeared in retailers like Walmart (WMT) and Costco (COST), hotels and cruise lines, semiconductors, and AI enterprise software names. These remain the main intraday focus.
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