Today was primarily the market waiting for the unemployment numbers on Friday. The Weekly Initial Unemployment Insurance Claims were somewhat surprising as they came in at a higher level than expected at 278,000 up from estimates of 271,000. For 52 straight weeks the Weekly Initial Unemployment Insurance Claims have come in below 300,000 which is felt to be indicative of a strong labor market. This is also the longest period of such low numbers since the 1970’s. Meanwhile the four week moving average which many analysts believe is a better indicator of of the labor market fell to 270,250, the lowest level since November and a key signal of a tightening labor market.
A strong labor number on Friday will probably place the possibility of a March rate hike back on the table which could be a stumbling block for the rally, at least a temporary one.
Meanwhile oil ended the day near an 8 week high on the back of news of a drop in US crude production.
Index Closing Prices
The indexes closed almost at the highs for the day, down very slightly from the intraday highs. The S&P closed at 1,993.40 up 6.95. The Dow Jones closed at 16,943.90 up 44.58. The NASDAQ closed at 4707.42 up 4.00.
Special Commentary For Members
The rest of tonight’s market direction outlook is for FullyInformed members, It has been expanded to include a number of topics, some trading tips for the next couple of days and includes 6 trade ideas for Friday.
This market direction outlook with special comments and trade ideas for Mar 4 2016, is for members.
Members Only Market Direction Outlook Special Commentary for Mar 4 2016
FullyInformed Members can read this special commentary, directly through this link. Members can also sign in to the Members’ site here. Non-members can join here or read about the benefits of a membership.
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