The major US indices are closing with mixed results:
- the Dow industrial average is closing lower by -193.25 points or -0.56% at 34396.52
- the S&P index is down -3.33 points or -0.08% at 4076.78
- the NASDAQ index is up 14.46 points or 0.13% at 1482.46
- Russell 2000 is down 4.896 points or -0.26% at 1881.68
The next key event comes tomorrow with the US jobs report due out at 8:30 AM ET. A weaker number (estimate 200 K and 3.7% unemployment rate) would give stocks reason to move more to the upside. A less tight labor market with the unemployed rate near all-time lows at 3.7% is what the Fed is hoping for to help slow inflation.
Conversely, a stronger number would disappoint stock market and likely lead to sharp declines after the move to the upside this week in the major indices.
Technically, the NASDAQ index is closing just below its 100 day moving average at 11500.83. The high price today did extend above that level intraday, but could not sustain momentum. Tomorrow it will be a barometer for bullish or bearish for the tech heavy index.
For the broader S&P index, it closed above its 200 day moving average yesterday for the first time since April. Today the low price at 4050.87 was able to stay just above the 200 day moving average at 4048.33 keeping the technical bias in the favor of the buyers (see green line in the chart below).
