Market Breaks Out Of Trading Range

Hello traders everywhere. In Wednesday's video, I discussed how the market had been stuck in a trading range for the last month and that we needed to see a move above the 50-day MA to potentially see a move higher. Well, we got that move on Thursday when the news of an agreement between China and the U.S. to set a meeting for trade talks hit the wire resulting in a big move higher which resulted in three new green weekly Trade Triangles being issued for the S&P 500, NASDAQ and DOW.

The market is ending the week relatively quiet as the U.S. economy added 130,000 jobs in August, the Labor Department said. Economists polled by Dow Jones expected jobs to grow by 150,000 last month. Unemployment remained steady at a rate of 3.7% while wages rose more than expected. Wages expanded by 0.4% on a month-over-month basis and by 3.2% year over year. August marked the third straight month that job creation in the U.S. slowed. In June, 178,000 jobs were added while 159,000 were created in July.

After four straight weeks, of declines, the major indexes are looking to post consecutive weeks of gains with the S&P 500 gaining +1.8%, the DOW +1.5%, and the NASDAQ will post a weekly increase of +2%. Will we continue to move higher from here or is just a short-term bump?

Key Levels To Watch Next Week:

Every Success,
Jeremy Lutz
INO.com and MarketClub.com

One thought on “Market Breaks Out Of Trading Range

  1. As per my view, before celebrating last upper break-out, we must remain cautious, because over all chart position is neither healthy nor reliable, so it is not advisable to relay upon news based short term speculative moves, so after touching some even further upper levels, down trend may taken place again up to 24,900 or even bellow. Wait for some more confirm data and respective signals.

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