US has an additional 5.245 million jobless claims in the week ending April 11
In the week ending April 11, an additional 5.245 million initial unemployment insurance claims were filed in the US, as the US economy continues to get crushed by the COVID-19 pandemic.
However, the April 11 week jobless claims were lower than the 5.803 million in claims expected by analysts polled by FactSet. Over the past month, nearly 22 million jobless claims were filed, the highest on record.
Continuing jobless claims was 11.9 million for the latest reported week.
Several analysts and economists expect job losses in April to be as high as 20 million, which would translate into a jobless rate of around 15%.
SPY in upward trend: price expected to rise as it breaks its lower Bollinger Band on December 18, 2024
SPY may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options. In of 35 cases where SPY's price broke its lower Bollinger Band, its price rose further in the following month. The odds of a continued upward trend are .
Technical Analysis (Indicators)
Bullish Trend Analysis
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where SPY advanced for three days, in of 363 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 .
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 46 similar instances where the indicator moved out of overbought territory. In of the 46 cases, the stock moved lower in the following days. This puts the odds of a move lower at .
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In of 68 cases where SPY's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are .
The Momentum Indicator moved below the 0 level on December 26, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on SPY as a result. In of 69 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for SPY turned negative on December 10, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 51 similar instances when the indicator turned negative. In of the 51 cases the stock turned lower in the days that followed. This puts the odds of success at .
SPY moved below its 50-day moving average on December 30, 2024 date and that indicates a change from an upward trend to a downward trend.
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 .
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