The S&P 500 Index inched closer and closer to the coveted 1,600 level after weekly jobless claims gave the bulls a reason to look forward to today’s employment report. Furthermore, stimulus hopes from overseas added fuel to the rally on Wall Street as eurozone policymakers cut the benchmark rate as expected , bringing it down to 0.50% from its previous 0.75% [Download 101 ETF Lessons Every Financial Advisor Should Learn]. The SPDR S&P 500 ETF will come under the spotlight today as it looks to settle above a critical resistance level while investors digest April’s employment report. Analysts are expecting for the unemployment rate to remain unchanged at 7.6%, while nonfarm payrolls are expected to come in at 135,000 versus last month’s very weak reading of 88,000. Chart Analysis Consider SPY’s one-year daily performance chart below. SPY has been climbing along a steeply rising support level (blue line) since November 16th, 2012; even [...] Click here to read the original article on ETFdb.com. Related Posts: Daily ETF Roundup: IEO Jumps After Pioneer Natural Resources Earnings, IYW Pops 7 Articles ETF Investors Must Read: 5/1 Daily ETF Roundup: XLV Slips On Pfizer Earnings, VGT Jumps On Apple Bond Deal Daily ETF Roundup: XLK Rallies, REZ Pops On Housing Data ETF Collar Options Strategy Explained
The S&P 500 Index inched closer and closer to the coveted 1,600 level after weekly jobless claims gave the bulls a reason to look forward to today’s employment report. Furthermore, stimulus hopes from overseas added fuel to the rally on Wall Street as eurozone policymakers cut the benchmark rate as expected , bringing it down to 0.50% from its previous 0.75% [Download 101 ETF Lessons Every Financial Advisor Should Learn]. The SPDR S&P 500 ETF will come under the spotlight today as it looks to settle above a critical resistance level while investors digest April’s employment report. Analysts are expecting for the unemployment rate to remain unchanged at 7.6%, while nonfarm payrolls are expected to come in at 135,000 versus last month’s very weak reading of 88,000. Chart Analysis Consider SPY’s one-year daily performance chart below. SPY has been climbing along a steeply rising support level (blue line) since November 16th, 2012; even [...]
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