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Usa500: Selloff continues

U.S. stocks dropped, following Wall Street’s worst start to October in three years, hit by the ECB rate decision and a rise in U.S. jobless claims.

Today on the economic calendar we have from the U.S we have the Non-Farm Payrolls that expected to show a steady grow from 142K to 215K and unchanged unemployment rate at 6.1%. The shocker would be if that unemployment rate fell even lower than 6.1%, highlighting an improving labor market while the Fed is still far away from moving to raise rates.

The Usa500 fell during the start of yesterday session but found enough support at 1,917.55 a daily support to turn things back around and closed near the open creating a hammer pattern. The Index is in a warning phase and the stochastic showing an oversold market.

Expecting downward move to 1,898.28 on a break of below daily resistance at 1,917.55 (scenario 1) or a break above the daily resistance zone at 1,959.62 could push the index to another daily resistance at 1,979.

Usa500 is a CFD written over S&P500 futures.