The US 30 stock index is in an uptrend but has failed to overcome the resistance level at 42,340.0 for more than a week. The US 30 forecast for the next week is moderately positive.
According to the US Department of Labour, Initial Jobless Claims (IJC) for the week were 225,000, although analysts expected the figure to be 222,000.
Source: https://tradingeconomics.com/united-states/jobless-claims
Current data shows a slight deterioration in the labour market. However, the difference is insignificant, so there may not be a direct adverse reaction. The situation will depend on general market sentiment and factors like macroeconomic statistics and Fed rate expectations.
The final data on the September unemployment rate will also greatly impact the market. If it is significantly worse than expected, the US Fed will likely be compelled to cut the key rate again by 0.50% at the next meeting. This will have a positive impact on the stock market. For this reason, the forecast for the US 30 is moderately positive.
The US 30 stock index is in an uptrend and has hit an all-time high but has failed to break through the resistance level at 42,340.0. From the perspective of technical analysis of the US 30, the scenario with further growth is more likely. A breakdown of the current support level and consolidation of prices below it will signal a trend change.
The following scenarios are identified for the US 30 price predictions:
According to the US Department of Labour, the number of Initial Jobless Claims (IJC) for the week was 225,000, more than analysts expected (222,000). This data may indicate a worsening situation in the labour market, which will prompt the Fed to reduce the key rate further.
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