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Apr 2nd, 2010: Jobs Growth

Posted by pugsma on April 2, 2010

11:00am EST:  February jobs number was a +162K, with only +48K from the US Govt, so the private sector added over 100K jobs in Feb.  Dec and Jan jobs were revised higher +40K. This is good news for the US economny.

The SP-500 ES Futures jumped to a high of 1178.60 (1182.60 cash equiv) on the news.  If you look at the ES Futures 60-min chart below you can see that the break-out of the wave 4-[5] triangle was back-tested a 2nd time overnight and held.  I believe that there is a good possibility of a continued rise towards 1200 in the cash markets early next week. This sould be wave (1) of 5-[5].

SP-500 ES Futures 60-min Chart (9:13am EST):

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