The Dow was trading flat ahead of the release of the NFP data. A goldilocks report - one that is not too weak or too strong - is the best outcome for stocks as this will cement expectations for a September rate cut. A significantly weaker report will raise recession worries while a very strong number could weigh on rate cut bets, and pressure risk assets at least initially anyway.
The price action on the DOW has been near perfect after a retest of the 45K broken resistance from above giving way for a big bounce this week. With a couple of short-term resistance levels such as 45470 and 45315 taken out, these will now be the initial support levels to watch moving forward. The next upside target is liquidity resting above the all time high of 45,763.
By Fawad Razaqzada, market analyst with FOREX.com
The price action on the DOW has been near perfect after a retest of the 45K broken resistance from above giving way for a big bounce this week. With a couple of short-term resistance levels such as 45470 and 45315 taken out, these will now be the initial support levels to watch moving forward. The next upside target is liquidity resting above the all time high of 45,763.
By Fawad Razaqzada, market analyst with FOREX.com
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