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Initial jobless claims announced for this week amounted to 6.61mln people - not as high as the previous mark, but still, very heavy and much more than what the market was expecting. Bad? Yes, it's bad.
That's why the US Fed's freshly announced additional crisis support program comes right on time - another $2.3trln will be distributed across the US economy to help the situation.
The stock market reacted very positively to this news, despite quite a sluggish and controversial beginning of the trading day this Thursday.
Specifically, on the daily chart, the S&P 500 index is trying to overcome resistance at 2,785. The layout of the Moving Averages on the H4 is positive. A break above that level will open the way up to 2,890 (100-week MA). There the price will meet significant resistance. All in all, the potential of the positive scenario will remain as long as the price trades above the short-term trendline support at 2,645.
Therefore, catch the day, and use the situation. From our side, we will keep you posted.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The US will reveal Non-farm payrolls on January 7, Friday, at 15:30 GMT+2 (MetaTrader time).
The US will publish the Retail Sales on January 14, Friday, at 15:30 GMT+2.
The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.
The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.
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