jobs data doesn’t jive with ism
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8/14/2019 Jobs Data Doesnt Jive With ISM
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8/14/2019 Jobs Data Doesnt Jive With ISM
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reflecting a contraction in the Service Sector. The jobs component came in at 41.6 suggesting joblosses.
If you believe the increase to 33.2 hours for the Average Workweek, up from 33.0 hours, I wouldargue that the National Bureau of Economic Research could time stamp the end of Recession inNovember 2009. We will not know this for six to eight months however. This chart shows that the FDICbelieves that the Recession continued in the third quarter.
No Breakout or Key Reversal for the Dow, which remains positive but overbought on its weeklychart. Key support is the five week modified moving average at 10,108 with a weekly pivot at 10,442and the resistance on the down trend that goes back to October 2007 down to 10,550 this week. Chartscourtesy of Thomson / Reuters
Gold, which traded at a record high of $1227.50 last Thursday traded down towards my quarterly
support at $1135.14 this morning, down $90. Gold is below its 50-day at $1155 with a weekly pivot at$1179.
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The Dollar appears to have bottomed on Thanksgiving as I predicted. This weeks support is 74.86with quarterly resistance at 78.65. The euro is back below 1.50 with resistance this week at 1.5027.
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Nymex Crude Oil is below its 200-week simple moving average at $75.70, as oil has moved sidewaysto down from $82 over the past seven weeks.
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