The markets shot higher onThursday, continuing a rally
that has been in place since last Friday when a lower low was
almost achieved. The S&P 500 increased 1.9% to end at
1066.63, and broke through its 50-day moving average at
1050.28. On Friday, investors will be waiting for the release
of economic data -- including the critical unemployment
report which shows as 10.2 percent.
If the news is positive, equities should rally – possibly
pushing the S&P 500 through the 20-day moving average at
1070. Bulls will then look for the market to climb above the
previous higher-high of 1097.91, from October 19.
If the news is grim, which turns out to be the case in the unemployment figures, bears will be looking for the S&P to
fall below support at the 100-day moving average, around
1000.
goodluck trading