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US Employment data sets risk of corrective dip for equity indices

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A modest “risk off” shift early this week after Friday’s US Employment data report

 

Friday’s US March Employment data, saw US non-farm payrolls rise 192k in March, and the usual upward revisions added a further 37k jobs to Jan and Feb on NFP Friday! The rally to a new record high by the S&P 500 future and then subsequent bearish outside pattern for Friday has switched the immediate focus early this week to support.

 

From a technical analysis standpoint, we see risk a correction lower to test key support for the S&P 500.

 

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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