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U.S Index Technical Trade Note - 1 February 2019

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Barry Dumas
US-INDICES-TRADE-NOTE-S&P-NASDAQ-WALLSTREET-30
 

Looking at the U.S Markets before the U.S Non-Farm Payrolls report is released one would notice that a similar pattern has emerged across the indices.

  • Whether they all play out the same remains to be seen taking in consideration all that is happening today like company earnings, Jobs numbers, market sentiment etc.

Looking at the chart of wall Street 30

As per our NFP note we can see the price action has encountered resistance from the descending trendline (green dotted). If we see a better than expected NFP number, then we might expect the price to rise as shown in Point 1. If the data disappoints this afternoon, then Point 2. Might be on the cards.

Screenshot 2019-02-01 at 11.31.24

Source – Bloomberg

Looking at the chart of the S&P 500

The S&P 500 finally broke out of the consolidation phase and managed to close out side of the descending trendline. This is no means for celebration as the Non-Farm Payrolls report is still on the cards this afternoon. Yes, same story If we see a better than expected NFP number, then we might expect the price to rise. If the data disappoints this afternoon, then we might be on track for a leg lower.

Screenshot 2019-02-01 at 11.32.22

Source – Bloomberg

Looking at the chart of the Nasdaq 100

The Nasdaq has broken out of the descending trendline (green dotted) and broken out of its consolidation phase with a retest of the descending trendline (green dotted). Price action is pushing higher as of yesterday mainly from better than expected earnings results. The Nasdaq might move even higher if we see a better than expected NFP number. If the data disappoints this afternoon, then we might see the price action move lower as seen in Point 2.

Screenshot 2019-02-01 at 11.33.21

Source – Bloomberg

When and what time is the US NFP (Non-Farm Payroll) announced in South Africa?

1st of February 2019 at 15.30 SAST.

May your trading day be profitable!

 

 

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