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Nov 11, 2021

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.

Related Ticker: SPY

SPY's RSI Oscillator is staying in overbought zone for 1 day

Watch for a price pull-back in the near future.

Price Prediction Chart

Technical Analysis (Indicators)

Bearish Trend Analysis

The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 6 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 February 22, 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.

Bullish Trend Analysis

The Moving Average Convergence Divergence (MACD) for SPY just turned positive on March 01, 2024. Looking at past instances where SPY's MACD turned positive, the stock continued to rise in of 49 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 359 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 445 cases where SPY Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .

Fundamental Analysis (Ratings)

Fear & Greed

Notable companies

The most notable companies in this group are Microsoft Corp (NASDAQ:MSFT), Apple (NASDAQ:AAPL), NVIDIA Corp (NASDAQ:NVDA), Amazon.com (NASDAQ:AMZN), Alphabet (NASDAQ:GOOG), Alphabet (NASDAQ:GOOGL), Meta Platforms (NASDAQ:META), Eli Lilly & Co (NYSE:LLY), Broadcom (NASDAQ:AVGO), Tesla (NASDAQ:TSLA).

Industry description

The investment seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index. The Trust seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the index (the “Portfolio”), with the weight of each stock in the Portfolio substantially corresponding to the weight of such stock in the index.

Market Cap

The average market capitalization across the SPDR® S&P 500 ETF Trust ETF is 114.34B. The market cap for tickers in the group ranges from 5.81B to 3.09T. MSFT holds the highest valuation in this group at 3.09T. The lowest valued company is ZION at 5.81B.

High and low price notable news

The average weekly price growth across all stocks in the SPDR® S&P 500 ETF Trust ETF was 1%. For the same ETF, the average monthly price growth was 4%, and the average quarterly price growth was 16%. CEG experienced the highest price growth at 32%, while XEL experienced the biggest fall at -12%.

Volume

The average weekly volume growth across all stocks in the SPDR® S&P 500 ETF Trust ETF was 23%. For the same stocks of the ETF, the average monthly volume growth was -5% and the average quarterly volume growth was 26%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating: 60
P/E Growth Rating: 51
Price Growth Rating: 37
SMR Rating: 51
Profit Risk Rating: 45
Seasonality Score: 23 (-100 ... +100)
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General Information

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Correlation & Price change

A.I.dvisor indicates that over the last year, SPY has been closely correlated with IVV. These tickers have moved in lockstep 100% of the time. This A.I.-generated data suggests there is a high statistical probability that if SPY jumps, then IVV could also see price increases.

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