As US layoffs signal a deteriorating labor market, shifting sentiment toward the Fed’s policy stance remains key in the near term.
US Stock Futures: Fed Speakers in Focus
Futures extended their gains from Wednesday, November 26, during the Asian session. The Dow Jones E-mini climbed 52 points, the Nasdaq 100 E-mini rose 47 points, while the S&P 500 E-mini advanced 7 points.
Later on Friday, traders should closely monitor FOMC members’ speeches for views on the labor market, inflation, and monetary policy. Growing calls for a December cut could push US equity futures higher in a shortened US trading session. There are no US economic reports for traders to consider today.
Key Technical Levels for Dow Jones, Nasdaq 100, and S&P 500
Following the recent rebound, the Dow Jones E-mini, the Nasdaq 100 E-mini, and the S&P 500 E-mini remained above their 50-day and 200-day EMAs, signaling bullish momentum.
Near-term trends will hinge on Fed speeches and USD/JPY price trends. Key levels to monitor include:
Dow Jones
- Resistance: 47,750, 48,000, and the November 12 record high of 48,528.
- Support: 47,500, 47,000, the 50-day EMA (46,746), 46,000, and then the November 21 low of 45,779.
