7/7/23 On The Job


The latest unemployment filings showed little change in the job market. This week 248,000 new claims were filed. The 4-week moving average is 253,250.

Over the past year, new filings have held steady, moving almost perfectly sideways…

Chart from the DOL

The market showed little reaction to the news. The indexes were trending lower ahead of the news release and continued after.

The indexes settled the day with losses but were well off the session lows…

  • Dow Jones -1.1%
  • Nasdaq -0.8% 
  • S&P 500 -0.8%
  • Russell 2000 -1.6% 

Sector Round Up

The selling hit all corners of the market. All 11 sectors ended Thursday in the red.

At the top…

  • Consumer Staples (XLP) -0.3%
  • Technology (XLK) -0.3%
  • Real Estate (XLRE) -0.6%

At the bottom…

  • Utilities (XLU) -1.2%%
  • Consumer Discretionary (XLY) -1.6%
  • Energy (XLE) -2.3%


The S&P 500 is stuck.

It’s currently holding above a critical support level but appears to have run into resistance overhead.

As you can see on the chart, a double top has formed.

SPY Daily Candle – Chart by thinkorswim

Without a major catalyst, the most likely movement in the near term is sideways.

Here’s your latest readout…


Today at 8:30 is the release of the final jobs report before the July FOMC meeting.

Next week we’ll get the latest inflation data and the unofficial beginning of earnings season.

Have a great weekend!


*Low Float
^Open Position

*RMTI support at $5, resistance at $6
AAOI support at $6
GASS support at $4.20
^CIFR support at $3
^OSTK support at $27
IREN support at $5, resistance at $6.25
REKR support at $2.20
ONCY support at $3
MRNS support at $10, resistance at $11
WULF support at $2

Secondary watchlist—float 100+ million

MARA support at $14, resistance at $16
CLSK resistance at $5
RGTI resistance at $1.60, support at $1.40
GENI on watch
ENVX on watch
TMC on watch
^IONQ support at $12
OPK support at $2, resistance at $2.20

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