The numbers were just marginally better today, but the market is blasting to new highs. I have some big resistance levels today that I hope don't put up too much of a fight:
- QQQ: 55.35
- SPY: 118
- IWM: 69.15
One small aspect of the report I liked was the slight uptick in hours worked. Until mid-year, we kept going back and forth from month to month with wages and hours indicating more demand for labor or more jobs. This is one of the first reports I have seen where we got some job growth (103K) and and expansion of the hours worked.
This has been an excellent week. I have shared with my clients that I believe the lows of Tuesday are likely good, but it's a tough call yet. We still face a big overhead test at 1250-1270 on the S&P 500. My focus will be shifting to breakouts (remember them???).
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