(11 votes)

Last Updated Date: 6 September 2021 @ 6:48 AM (UTC)
*Please note that all the dates are in GMT time zone

The S&P 500 slid to the intraday highs of Sept. 2 while Bitcoin (BTC) climbed to its highest levels in more than three months. The moves came as a key report on Sept. 3 showed that the United States economy added fewer jobs than anticipated, lowering the Federal Reserve's likelihood to start unwinding its stimulus program this year.

The U.S. Bureau of Labor Statistics revealed that nonfarm payrolls (NFPs) grew by 235,000 in August, against expectations of 733,000 positions. Nevertheless, the unemployment rate inched lower to 5.2% from the previous month's 5.4%.

The market rallies in the back half of last week still hint for a short term trend shift to the upside. Look for attempts to extend rallies, but trade will need to post a close over 51572 to attack the previous swing high peaking levels 58021. Be careful for secondary dips and congestion just under 48265. A close under 48265 is bearish and suggests a selling wave to new lows and possibly 46573.

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