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No News Is Good News
www.oneoption.com
With the government shut down we won’t have the labor numbers.
PRE-OPEN MARKET COMMENTS THURSDAY – Yesterday the market made an all-time new high. I didn’t care that the private sector shed 32K jobs in September or that the government shut down. A rally in the midst of bad news tells us that buyers are aggressive.
Challenger Gray & Christmas reported 54,000 planned job cuts in September. Any job cuts are not a good sign, but the silver lining is that there are less planned layoffs than there were the previous two months and that number is lower than it was in September 2024. So far this year the layoffs have not been this high since 2020 (Covid).
Does this matter? Not at the moment, it will only strengthen the case for an interest rate cut.
Global markets were up nicely overnight so there is a tailwind.
After a strong trend day to a new all-time high we are likely to see some early weakness. The bid will be tested to see if buyers are still aggressive at this level. Once support has been confirmed, stocks should continue higher. The SPY has quickly raced above the EMA 8 so a day of rest is likely. Don’t chase gaps up to a new all-time high. Wait for your window to set up.
Support is the high from yesterday and resistance is $670.
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