U.S stock futures jumped after stronger-than-expected job data

Strong NFP results put the market on a bullish path today which is out of expectation. It seems the market is more worried that the economy fall into recession and translate the stronger-than-expected job numbers as assurance. It also means the market perceives the current data would not change the Fed’s stance on their interest-rate cut plan. Traders will wait for the market closing level to get confirmation that the current bullish movement is justified.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index hanging near the record high and not showing major bearish signs. However, the index futures currently pointing upward after stronger than expected job data release. If the index started a bearish correction then traders could wait near 41,500 and 41,000 for bullish reactions. Traders will continue to use each bearish correction in the index and stock market as a chance to add more long positions for now. If the index continues the upward movement then it is expected to move and traders will continue to hold long positions.

McCormick & Company (MKC)

MKC share prices started a bearish correction where it will target the horizontal support line or the Fibonacci Retracement levels. On the lower side, $78.00 and $76.00 are the levels to watch for bullish reactions. If the share prices could bounce upward and form major bullish reactions then the bullish trend could continue.