Focus this morning will be on Non-Farm Payroll numbers in the States, states Ian Murphy of MurphyTrading.com.
Yesterday’s Initial Jobless Claims gave a boost to sentiment with stocks closing strongly positive as a result. As discussed in the Client Webinar, the main three stock market indices are now butting up against overhead resistance at their respective 1ATR lines on daily charts.
This level needs to be breached if we are going to return to a bull market.
Gamestop (GME) was one of the stocks we looked at yesterday evening because two years have passed since “meme stock mania” became a thing when everyone was locked down at home. If you recall, GME went from under $4 to over $450 and became the poster child for the phenomenon. Coincidentally, the Securities and Exchange Commission (SEC) has released a funny but cautionary short video about the subject which Olivia sent me this morning, check it out:
If you are building a WTF portfolio, don’t forget to pay close attention to soft stop levels this afternoon, especially on Vestas (VWDRY).
Learn more about Ian Murphy at MurphyTrading.com.