Matt's Market Insights
As of yesterday, we've had five straight down days in the Dow. I laid out a number of reasons for this weakness in Wednesday's remarks, the most current being implications about Friday's jobs report. Lately a lot of media attention has been given to the possible existence of errors and manipulation in the Bureau of Labor Statistics reports. While I can't speak to that, I will say that markets trade on expectations, and Friday's report will continue to have a large impact on those expectations.
In the Dow, below, we can see that the first real level of support comes in around 15,700, about 120 points below where we closed Thursday. A slip below this level will be our first indication of a possible longer-term change in trend. Recall that this is the upper bound of the trading range that created the "flag" portion of the flag pattern I mentioned in previous ... Log in or subscribe to continue reading.
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