Hey friend,
Weekly jobless claims came in slightly below expectations and equal to last week’s numbers.
Manufacturing activity data also came in slightly below expectations.
However, construction spending handily surpassed forecasts – with a 0.9% growth versus the expected 0.1%.
Tomorrow, we get the official employment report and unemployment rate.
Let’s see how the markets have been moving.
The Daily Direction
Note: Indexes closed lower yesterday and have been moving lower today as well – sending the short-term direction for the S&P 500 and the long-term direction for the Russell 2000 downward.
The Daily Nugget
The best reversals give you more than one clue.
One strong day can get your attention.
But one strong day can also disappear just as quickly.
The better reversals usually give you more to work with.
Maybe the stock stops making new lows.
Maybe it starts building a base.
Maybe volume begins picking up.
Maybe buyers keep stepping in whenever the stock pulls back.
None of those signals guarantees a bottom.
But when several start showing up at the same time, the odds that something has genuinely changed can improve.
You don’t need ten indicators flashing green.
Just don’t bet the trade on one clue alone.
A few independent signals pointing the same way can tell you far more than one big green candle.
The Traders Agency Team
