S&P Tests The Significant MA-200 Ahead Of The Unemployment Data: : Wall Street Friday Pre-Market Analysis

Throughout the trading day, the indices futures were slightly negative and even became a little positive at some point. However, they began trading by 0.3% average declines, and the sellers were dominant since the opening. Within an hour the screen showed declines of over 1%. By noon the indices recovered by about 0.5%, however, during the last hour for trading the bears showed up again.

Indices Daily Close and S/R Levels

The S & P dropped 0.81% to 2749, closing on top the significant 200-days moving average line, that got slightly broken during the trading day.
Support: 200, 2740, 2710-5, 2700, 2680-5.
Resistance: 2770, 2800, 2815-20.

The Dow dropped 0.78% to 25473, while already visited 25350 and recovered.
Support: 25450 (based on closing) 25000-100, 24800, 24300-400.
Resistance: 25800, 26000, 26250-300.

The NASDAQ dropped 1.13% to 7421. The index had hit 7400 and quickly recovered, however, NASDAQ closed below the 200-days moving average (7475).
Support: 7400, 7330-40, 7,200-30.
Resistance: 7475-500, 7575-600, 7650-70.

Daily Summary and Overview

We are in the middle of a sell-off following the two months in which the market surged around 20%. How deep would the sell-off be? We do not know yet… time will tell.

Today the S&P market visited the significant MA-200 but closed above, which gives a little hope. S&P in a decision point: Whether the index will break down below 2680 or recover and overcome the major resistance of 2800-15.

A bearish sign comes from the trading volume: the volume of the declines is high compared with to the inclines’ volume (sellers’ market).

The VIX continued to rise today: as of now, the VIX index lies around the 16.6 level, following a daily high of 17.8. Today’s trading could be crucial for the next future: Unemployment numbers are planned to be published shortly before trading starts.

Significant Gainers and Losers

Green: YEXT +10.1%, CDNA +9.8%, QURE +8.2%, EAF +6.3%, AYX +6.2%, EA +4.8%, CTL +4.8% and GWRE +4.4%.

Red: REZI -23.4%, IGT -16%, SSYS -13.9%, BURL -11.9%, NIO -11.5% (continuation to yesterday’s trading), BZUN -10.2%, KR -10% SOGO -7.7%, HUYA -7.7%, WB -7.7%, MOMO -7.3%, SFIX -6.4%