Friday, January 7, 2011

Daily Dow Jones Holding Well Ahead of Key Job Data, 07-01-2011

Ahead of the key job report this Friday and after soaring 1.32% in four trading days, Dow slips 26 points on weak retail sales and rising weekly jobless claims.

The Labor Department said 409k people made first-time claims for benefits, higher than 388k in the previous week. On the other hand, retailers reported sales figures for December, and many were weaker than expected following a blizzard in the Northeast hurt sales after Christmas.

On Wall Street, with the expanding in Bollinger bands as well as the strengthening economic data and ADP reports, there could be more upside ahead in anticipation of an improving December 10’s job data (January 7). Immediate resistance level is 11916 (upper weekly Bollinger band) whilst support level is 11530 (middle Bollinger band).

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