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 saw its Momentum Indicator move above the 0 level on October 08, 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 63 similar instances where the indicator turned positive. In of the 63 cases, the stock moved higher in the following days. The odds of a move higher are at .
The Moving Average Convergence Divergence (MACD) for SPY just turned positive on October 10, 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 .
SPY moved above its 50-day moving average on September 11, 2024 date and that indicates a change from a downward trend to an upward trend.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where SPY advanced for three days, in of 371 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 463 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 10-day RSI Indicator for SPY moved out of overbought territory on October 15, 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 49 similar instances where the indicator moved out of overbought territory. In of the 49 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 4 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
SPY broke above its upper Bollinger Band on October 11, 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
Category LargeBlend