Nasdaq UnstopaBULL
Employment Well Above Expectations
With a clear breakout of the box and now scoping trend channel resistance, there isn't much technically in the way here, as QE continues to be levered we feel the only fundamental backdrop thwarting a continued up move is a resurgence in China US tensions and or Covid 19. Both uncertain and both a weak case vs QE in general!
As we point out in the chart, the breakout of our box puts the top trend channel line target in at around 10557 and the longer term objective will be a 13% gain from here at 11697. The GFBP realigned the equities sector and has moved to a Long NQ from Short we will note new changes in the next post for our subscribers to the tracker. Here is the current chart of the Nasdaq Sep Future:
As far as the employment and payrolls numbers today lets turn to a tweet from @Lizannesonders, Schwab’s Chief Investment Strategist as she highlights:
PAYROLLS UP 4.8M vs 3.0M est.
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