By mid-March, US job market has been being heavily crushed by COVID-19 crisis, figures released by the U.S. Labor Department showed on Friday.
U.S. companies laid off - 701,000 positions in March, pushing the unemployment rate up almost a full percentage point to 4.4%. The figure represents the largest monthly job losses since March 2009.
leisure and hospitality accounted for almost two-thirds of the job losses, concentrated in food services and drinking places. Other industries that shed jobs significantly included healthcare and social assistance, professional and business services, retail trade, and construction
The full-month unemployment rate could be even worse, since the recent data reflects developments up to March 21 - before states began implementing non-essential shutdowns of business .
On Thursday, it was revealed that the initial jobless claims in the US was 6.6 million in the week ended March 28, which is almost double the new claims made just a week earlier.
The 10-day RSI Indicator for SPY moved out of overbought territory on October 15, 2024. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 47 instances where the indicator moved out of the overbought zone. In of the 47 cases the stock moved lower in the days that followed. This puts the odds of a move down 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 Moving Average Convergence Divergence Histogram (MACD) for SPY turned negative on October 23, 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 52 similar instances when the indicator turned negative. In of the 52 cases the stock turned lower in the days that followed. This puts the odds of success at .
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 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 Momentum Indicator moved above the 0 level on October 08, 2024. You may want to consider a long position or call options on SPY as a result. In of 63 past instances where the momentum indicator moved above 0, the stock continued to climb. 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 374 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 458 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 average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Category LargeBlend