Technical Update (Key Support and Resistance Levels)
What’s in Today’s Report:
- Technical Update (Key Support and Resistance Levels to Watch)
- Jobs Report Preview (Still a Very Important Report)
- EIA/Oil Market Update
Futures are modestly higher mostly on momentum from Wednesday’s rally, following a quiet night of news.
On trade, China’s Ministry of Commerce said the two sides remained in close communication, but we already knew that and there were no new/notable trade headlines overnight.
Economic data was notably bad. EU Retail Sales, German Manufacturers’ Orders, Australian Exports and Australian Retail sales all badly missed expectations, and while you wouldn’t know it according to stocks, the outlook for the global economy remains uncertain.
Today there is just one economic report to watch, Jobless Claims (E: 220K) and one Fed speaker: Quarles (10:00 a.m. ET). So, as has been the case all week, markets will trade-off any new U.S./China trade commentary or headlines. But barring negative news, the path of least resistance for stocks today appears higher once again.
