US job gains bounced back in June, with employers adding 224,000 jobs, according to Labor Department data released Friday.
The job additions surpassed economists' forecasts of a gain of about 160,000. This is a clear improvement from last month's report, which showed job gains of 75,000 in May, well below expectations of 165,000.
Professional services sector led the way with 51,000 job additions in June, while health-care providers added 35,000 jobs and transportation and warehouse companies added 24,000.
Construction companies hired 21,000 workers and manufacturers added 17,000 jobs.
Retail sector, however, shed another 6,000 jobs.
The U.S. unemployment rate for June, however, increased slightly to 3.7% from 3.6%.
The Moving Average Convergence Divergence (MACD) for SPY 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 446 cases where SPY Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
The RSI Oscillator demonstrated that the stock has entered the overbought zone. This may point to a price pull-back soon.
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 5 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.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
|ETFs / NAME
|First Trust India NIFTY 50 Equal Wtd ETF
|Vanguard Global ex-US Real Est ETF
|Putnam ESG Core Bond ETF
|iShares International High Yield Bd ETF
|Global X MSCI China Real Estate ETF
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.