≈ Remember February 2018 short-term crash? ≈
This coming Friday is the release of the monthly unemployment report in the United States. While all economic reports play their part in helping market analysts understand the current state of the economy, the monthly unemployment report has a special place in the world of trading. Perhaps no singular economic report in the world has more total people paying attention to it that the unemployment report. As such, this report always has the potential to be a major market mover.
The report is so widely followed, that many day and short-term traders have specific trading strategies to trade on the day of this report. Forex, futures and even equity market traders know how all markets can move on this report as it can move the dollar, gold and the stock market…sometimes in extreme ways. Remember February 2018’s epic short-term crash? That was triggered by that month’s release of the unemployment report.
With the market sitting at resistance could this report serve as a bullish catalyst to send it through resistance? While one never knows the results of any economic report, savvy traders know when key events on the calendar are and the Friday is certainly one of those events.
Chart of the Day
The markets struggled at resistance last week but closed near the top of their weekly price movement and certainly are attempting to leg higher. When a chart is at resistance it is always a time filled with suspense. This price area was the focus of the market last week and will continue to be the focus until price breaks through or a significant pullback occurs.
Video of the day
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Day Trading refers to the buying and selling of financial instruments (stocks, ETFs, options contracts, futures contracts, currencies) within the same trading day.
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