Friendly Jobs Data Underpins Equity Markets

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Today?s sample of Futures Analysis from FuturesHound.com

U.S. equity markets mounted a strong recovery following the news that the unemployment rate dropped unexpectedly. Although the number of jobs loss was greater than forecast, the improvement in the jobless rate helped confirm that the economy is on the road to recovery. Fear over sovereign debt issues in the Euro Region most likely limited gains.

March Treasury Bonds remained firm despite the good news on the jobless market. The stronger Dollar and demand for safety helped provide the support. The charts indicate that this market will have an upside bias as long as 118?24 holds as support. Near term resistance is 119?24. A weakening in Treasuries next week will signal that traders are focusing on the economic outlook rather than risk sentiment.

The stronger Dollar pressured April Gold early in the trading session, however, oversold trading conditions helped boost this market into the close. Overnight action broke gold to a 50% level at $1052.30 before shorts began covering. The chart indicates there may be a snap back rally to $1085.40 before new resistance is formed.

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