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Stocks Jump On August 5 Ahead Of The Big Jobs Report

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August 5, 2021

STOCKS – CRM, UBER, UPS

MACRO – SPY, XLF

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Stocks increased on August 5 ahead of the BLS Job report. Over the past three months, the index has rallied sharply on the BLS job report. Maybe that changes tomorrow? So it seems logical that some are trying to front tomorrow’s report. The S&P was stuck all day at resistance around 4,420, and in the final 30 minutes, made a fairly big push higher once resistance was cleared.

Financials (XLF)

Most of the action today came from the XLF, with the ETF climbing by 1.3%. To close back at resistance around $37. The big IF here is if the banks can rise and push higher from here. They are trying, but rates are going to need to rise, and spreads widen for that to happen. To this point, yields are not really changing much. Tomorrow could change that.

UPS (UPS)

UPS has stopped falling at support around $188. For the stock to have come this far and not fill the gap at $178 seems odd. You’d think that gap would get filled before any attempt to push higher again.

Salesforce (CRM)

Salesforce is very close to breaking resistance at $250. The stock has been trying to break higher for months. It might finally happen, with a room to run up to around $265.

Uber (UBER)

Maybe Uber has finally bottomed, the stock made a lower low, but the RSI did not. That can, at times, indicate a reversal of a trend. Things may start getting better for Uber.

-Mike

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