How I would look at U.S. Labor Data Due To Release On 07 Jul 23

We have the U.S. labor market shows resilience on eve of June's employment report (happening on 07 July 23).

Here is a summary of what have been released on 06 July 23.

Weekly jobless claims increase 12,000 to 248,000.

Continuing claims drop 13,000 to 1.720 million.

Private payrolls jump 497,000 in June.

Job openings decline 496,000 to 9.824 million in May.

The U.S. Unemployment Rate (June) and U.S. Nonfarm Payrolls (June) data will be released at 8.30am (EST) on 07 July 23.

I would expect there will be an increase in U.S. Nonfarm Payrolls, but the unemployment rate will be higher.

Let us look back what happen when there is an increase in U.S. Nonfarm Payrolls, but the unemployment rate will be higher.

Market was up more than 1% when nonfarm payrolls increase in May.

The S&P 500 (^GSPC) rose 1.45% while the Nasdaq Composite (^IXIC) popped 1.07%.

The Dow Jones Industrial Average (^DJI) led gains, rising 2.12%, or 701.1 points, and closing at a 1-month high.

Similarly, the market will like it as there have been quite a significant increase in the nonfarm payrolls in June.

The only concern here is the increase of unemployment rate, but it might be due to people are waiting to be hired.

Overall, I think Market should close higher, tech stocks should perform well.

TQQQ should close higher than its current.

TQQQ look to be in a bullish developing trend and +DI above -DI indicate a good uptrend.

Have you taken action to load some TQQQ last night when it trend down a bit?

I think with a positive and better than estimate nonfarm payroll can make the market trade favourably.

But this could open up the rate hike from Fed.

Appreciate if you could share your thoughts in the comment section whether you think the market will move to positive after today’s nonfarm payroll data released.

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Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.