Jobless Claims Report

Jobless Claims Report

Dow Jones rose yesterday above the psychological level at 21,000 putting the index in a position of +16.5% correction from its lowest point.

The increase for U.S. stocks is a result of optimism that a bill to help workers and businesses will ease the outbreak impact. The Dow closed at +2.45% and for a few hours, it was 20% above its previous low.  An asset needs to go up by 20% for a bearish move to end and a bullish move to begin. That means that the Dow Jones, as a leading index already made the first attempt to enter the bullish territory and it might enter into it the sooner or later.

Jobless Claims report will be published today at 12.30 GMT. Even though the market is driven mainly by the pandemic developments and economic data took a back seat in the last few weeks, it might be crucial. The forecast is at least 1.5 million people that filed for unemployment.  The largest number ever in such a short time. This is the first indication of how hard the labour force is being hit by the sudden shutdown of a large part of the U.S. economy. It will also shape the economic forecasts for the coming months as well.

These charts and the opinions above are for educational and informational purposes only. Technical analysis does not guarantee full accuracy and it could be subject to revision over time. We do not have any liability regarding financial results based on the use of this information. 

Jobless Claims Report
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