Another lackluster session is expected today for the Dow Jones stock index which has been wobbling around the 30000 level for days now dominated by negative news on one side with Pfizer reporting supply chain constraint on its COVID-19 vaccine and positive news on the other with Senate Majority Leader McConnell saying that a stimulus compromise is “within reach”. It’s the first Friday of the month today so it’s NFP day and the consensus for November’s payroll is forecasted to be weaker at 469K below October’s figure of 638k. The unemployment rate is tipped to be 6.8%, down from the 6.9% in previous update. If the actual figure is lower than 6.8% this will be viewed as positive for the economy and may likely drive stocks higher and on the flip side if the jobs report disappoint the index could drop below the 200-period MA back to support levels around 29700.
Support: 29900/ 29680
Resistance: 30000/30200
