US Tech forecast: the index continues its recovery
The US Tech index continues to rise toward the resistance level with the potential to reverse the trend. The US Tech forecast for next week is positive.
US Tech forecast: key trading points
Recent data: U.S. Initial Jobless Claims for last week came in at 214K
Market impact: the data has a moderately negative impact on the technology sector
Fundamental analysis
Initial Jobless Claims measure how many people filed for unemployment benefits for the first time during the past week. This is one of the most timely indicators of labor market conditions: the lower the reading, the more stable employment is and the fewer signs there are of economic deterioration. Claims came in at 214K, compared with a forecast of 224K and the previous reading of 224K. In other words, the figure was better than expected and declined from the prior week. This signals that the labor market remains resilient: companies are generally not accelerating layoffs, and consumer demand is typically supported by more stable household incomes.
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