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9:00am (EST)
We will go over Thursday’s action quickly:
The Dow managed to tack on 50 points, or 0.5%, by the close and finished at 10,320. The index went out on its high for the day and resistance of 10,400 held.
The S&P 500 added a 10 spot, or 0.9%, and settled at 1,090. The bears were trying to hold the 1,100 level, and did, but the index also went out on its highs.
The Nasdaq again led the way as it popped 23 points, or 1.1%, to close at 2,200. This was our first level of resistance on a possible push to 2,250.
Although yesterday’s news is history, the fact the market stayed under resistance was the good news. The bad news, if you are a bear, is that the futures are up big after this morning’s unemployment numbers.
There were some positives and negatives in the report but it favored the bulls and futures are pointing towards a strong open. We will go over the numbers in our afternoon update but it appears the bulls are going to challenge, if not breakthrough, key resistance levels.
Dow futures are showing a 115 point pop and are at 10,424 while the S&P 500 futures are higher by 13 points to 1,103. The Nasdaq 100 futures are up 24 points to 1,861.
We have mentioned the key resistance levels to watch for; Dow 10,400, S&P 1,100 and Nasdaq 2,250. Although these levels will get stretched, the real action won’t come until next week.
It is going to be a busy morning but we will be watching the action to see what clues we can pick up for next week. We will also be back with our afternoon update at 12pm today, an hour early, to bring you the latest news. The president speaks at 10am so there is a chance the markets react to his comments.
Early word is that he was scheduled to speak at 10am because Washington thought the unemployment numbers were going to be awful and he was going to announce another “stimulus package”. Now, we will have to see, but if the bears see an opening they will attack back.
