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[Platinum Insights] Jobless Claim & Market reaction

[Platinum Insights] Jobless Claim & Market reaction
August 21, 2023

In economic news: Jobless claims fell again to 211,000 for the week ending Dec. 10, down 20,000 from the previous week according to the Labor Department. 

Continuing claims for the week ending Dec. 3 were 1,671,000, about the same as last week’s report. The Philadelphia Manufacturing Index rose 6 points but remained negative at -13.8, signaling contraction. 

It’s the fourth consecutive negative reading of the index, and the sixth in seven months. From a technical standpoint, The S&P – SPX is trading below the 200-day SMA. The 9 day SMA is trending down and we are seeing the formation of a double top formation in the index. 

A double top is a frequently occurring chart pattern that signals a bearish trend reversal, usually at the end of an uptrend. As the name implies, the double top chart pattern has two… tops. Or, in other words – a retest and failure of the previous highest price. 

The pattern forms after a bullish trend when a currency pair reaches two consecutive peaks, creating the shape of the “M” letter. We need to see if price action closes below the neck line for confirmation. The pattern is commonly seen when an uptrend comes to an end and is confirmed by two last attempts to break below the resistance level. 

This information is bing provided for educational purposes only and is not a recommendation to buy or sell a security.

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