Weekly Wisdom: Jobs Numbers In Focus

Greetings fellow traders and welcome to your September 30th edition of Weekly Wisdom: Levels to Know and Moves to Look For!

Now let's get to what we're currently seeing in these volatile markets and what we have our focus on going forward.

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Here's what we are eyeing this week, September 30 - October 4:

Level Highlights:

• $SPX futures spent the week chopping sideways and forming a rising wedge in front of 5800 resistance, with one attempt to push through 5800 that has so far failed.
• While we have been unable to fully take out upside resistance, $SPX futures have formed momentum support from the rising wedge at 5750.
• This gives $SPX futures a measured move up to 5850 on a better break and close over 5800.
• A close back below 5750 would be disappointing to bulls and would hurt the momentum spirits, but overall bulls are in control and should not be considered in trouble unless we see a close under 5700 for a true failed breakout.
• $VIX has fallen back into the 15 handle range, with the 15 level holding as support for now. Bears are looking for a bear over 17.50 to get excited for a bigger sell.

Upcoming News:

• Monday, September 30 begins the week with Chicago PMI at 9:45 a.m. ET. Fed Chair Powell is then set to speak at 1:00 p.m. ET.
• Tuesday, October 1 begins October trading with final manufacturing PMI at 9:45 a.m. ET. This is followed by updates for ISM manufacturing PMI, JOLTS jobs openings, ISM manufacturing prices, and construction spending m/m all at 10:00 a.m. ET.
• Wednesday, October 2 brings the latest update for ADP non-farm employment change at 8:15 a.m. ET.
• Thursday, October 3 starts off with weekly unemployment claims at 8:30 a.m. ET, followed by final services PMI at 9:45 a.m. ET. We’ll then see ISM services PMI and factory orders m/m at 10:00 a.m. ET.
• Friday, October 4 ends the week with average hourly earnings m/m, non-farm employment change, and the unemployment rate all at 8:30 a.m. ET.

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-Patrick Hawe

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Disclosures

Patrick Hawe's current positions:

*As of 2:28pm ET September 26, 2024

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