New jobless claims in the U.S. rose for the first time in five weeks, amid surging COVID-19 cases.
According to the Dept. of Labor data, 742,000 Americans filed for initial unemployment benefits in the week ended Nov. 14, up from a revised 711,000 claims of the prior week. The figure is also higher than the 700,000 expected by Economists polled by FactSet.
Continuing claims stood at 6.372 million for the week ended Nov. 7, down from a revised 6.801 million the previous week, the Labor Department showed.
Meanwhile, the number of U.S. coronavirus cases topped 250,000 this week .
The RSI Oscillator for SPY moved out of oversold territory on April 22, 2024. This could be a sign that the stock is shifting from a downward trend to an upward trend. Traders may want to buy the stock or call options. The A.I.dvisor looked at 25 similar instances when the indicator left oversold territory. In of the 25 cases the stock moved higher. This puts the odds of a move higher at .
The Momentum Indicator moved above the 0 level on May 02, 2024. You may want to consider a long position or call options on SPY as a result. In of 65 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for SPY just turned positive on May 03, 2024. Looking at past instances where SPY's MACD turned positive, the stock continued to rise in of 52 cases over the following month. The odds of a continued upward trend are .
SPY moved above its 50-day moving average on May 03, 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 356 cases, the price rose further within the following month. The odds of a continued upward trend are .
SPY may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In of 66 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 10-day moving average for SPY crossed bearishly below the 50-day moving average on April 19, 2024. This indicates that the trend has shifted lower and could be considered a sell signal. In of 13 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
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 .
The Aroon Indicator for SPY entered a downward trend on April 30, 2024. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Category LargeBlend