US added 531,000 jobs in October
The U.S. economy added more than half a million new jobs in October, the Labor Department data revealed. The figure came in higher than expected by analysts.
The Bureau for Labor Statistics data showed that 531,000 jobs were added in October, compared to the Street forecast of 450,000. The increase in hiring is almost double the job gains in September.
The private sector added 604,000 new jobs last month. Government was the only sector in which employment fell.
The unemployment rate fell to 4.6% , from 4.8%.
However, labor force participation remains tepid. The number of people who joined the labor force only rose by 104,000, leading to a participation rate of just 61.6%. The labor-force participation rate has not shown any significant increase over the past year and remains near the lowest level since the early 1970s.
Labor shortage is a potential reason behind the upward push to wages, as companies try to boost pay in order to attract enough workers. Hourly wages rose again in October and they have increased +4.9% in the last 12 months, one of the steepest increases in decades.
Momentum Indicator for SPY turns positive, indicating new upward trend
SPY saw its Momentum Indicator move above the 0 level on November 26, 2024. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 66 similar instances where the indicator turned positive. In of the 66 cases, the stock moved higher in the following days. The odds of a move higher are at .
Technical Analysis (Indicators)
Bullish Trend Analysis
The Moving Average Convergence Divergence (MACD) for SPY just turned positive on November 25, 2024. Looking at past instances where SPY's MACD turned positive, the stock continued to rise in of 51 cases over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where SPY advanced for three days, in of 366 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Aroon Indicator entered an Uptrend today. In of 454 cases where SPY Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
Bearish Trend Analysis
The 10-day RSI Indicator for SPY moved out of overbought territory on December 09, 2024. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 48 similar instances where the indicator moved out of overbought territory. In of the 48 cases, the stock moved lower in the following days. This puts the odds of a move lower at .
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 9 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where SPY declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
SPY broke above its upper Bollinger Band on November 06, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Notable companies
Industry description
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
General Information
Category LargeBlend