S&P 500 "poised to move," market holds breath for nonfarm payrolls

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Mars Finance News, July 2 - The S&P 500 index oscillated and consolidated on Thursday ahead of the nonfarm payrolls data release, as traders focused on opportunities to buy the dip, the risks of a triangle pattern, and a potential move toward 7600 points. Earlier, the S&P 500 experienced volatile trading on Wednesday, which is reasonable given that the market had already run ahead of the nonfarm payrolls data. Analysts believe that any selling during Thursday's trading session—unless the U.S. releases exceptionally strong employment data—presents a buy-the-dip opportunity. The market expects 114k new jobs and an unemployment rate of 4.3%. This could be an uneventful event, possibly just confirming what is already known after the data release—that the U.S. economy is still functioning. A short-term pullback could be a potential buying opportunity.
SPYX-0.09%
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