- The S&P 500 rises 0.08% daily, reaching highs from October 1.
- The US unemployment rate stood at 4.1% in September, slightly below the 4.2 recorded in August.
- Nonfarm payrolls stand at 254,000, exceeding market expectations.
The S&P 500 hit a daily low of 5,692, finding aggressive buyers that drove the index to three-day highs of 5,750. At the time of writing, the S&P 500 is trading at 5.701, gaining 0.08% early in the session.
US jobs data boosts S&P 500 to three-day highs
The US Department of Labor published the unemployment rate for September placing it at 4.1%, below the previous and expected 4.2%. This figure is the lowest in three months, equaling the result obtained in June.
In the same vein, non-agricultural payrolls registered a significant increase, reaching 254,000 in September, improving the 140,000 estimated by analysts and the 159,000 reached in the previous month.
After the publication of the news, the S&P 500 signs its third consecutive session on the rise, reaching highs not seen since October 1.
Levels to consider in the S&P 500
The S&P 500 is consolidating in a sideways range between 5,727 and 5,672.
To the upside, the nearest resistance is at 5,764, given by the October 1 high. We see the next key resistance at 5,772, the all-time high established on September 26.
On the downside, the first support is at 5,672, the October 2 low, close to the 78.6% Fibonacci retracement. The next key level is at 5,604, the pivot point of September 16.
S&P 500 4-hour chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
