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US30 - Settles around 24000 as US Unemployment Soars to Historic Levels



US30 - Settles around 24000 as US Unemployment Soars to Historic Levels
In the last few weeks the US30 index has eased a little lower from resistance at the key 25000 level on two occasions, which has pushed prices lower however the index continues to trade right around 24000. Three weeks ago, it had rallied higher to a one month high near 25000, while the key level of 22500 has well supported the index. So after extreme volatility for several weeks, the US30 index has settled right down in the last few weeks content to trade right around the 24000 level, with the 25000 level looming above and likely to offer some resistance should the index rally again.

The US30 index is also likely to receive some support from 22500 which previously provided resistance to the index several weeks ago. It now remains within this range until it can clearly break through one side.

In the second half of March, the US30 index surged higher from down near 18000 back up above 20000 which only added to its surge in volatility. Since mid-March the US30 index has done well to regain some of the lost ground, after the significant drop where it moved from all time highs above 29000 down to a three year low near 18000. During its rapid fall, the US30 index completely ignored any possible levels of support on the way lower indicating how strong the move was. Fortunately the index has been able to rally higher in the last month or so, consolidate around 22000 before its recent move higher up towards resistance at 25000.

For the two weeks prior to the sharp fall, it had been trading in a narrow range between the key 29000 level and 29500, enjoying support from the former and trading near all time highs, however this has now given way and would be expected to offer some resistance whenever the index is able to rally and return to this level.

As the world is rocked by the ongoing coronavirus pandemic, the U.S. economy lost an incredible 20.5 million jobs in April, the steepest drop in payrolls since the Great Depression.  The Department of Labor's monthly employment report also showed the unemployment rate surging to 14.7% in April.  As many countries have instituted lockdowns and implemented travel bans to stem the spread of the virus, the U.S. economy has been devasted by these measures.  "Our economy is on life support now," said Erica Groshen, a former commissioner of the Bureau of Labor Statistics and now a senior extension faculty member at the Cornell University School of Industrial and Labor Relations.  "We will be testing the waters in the next few months to see if it can emerge safely from our policy-induced coma."  U.S. President Donald Trump has made it clearly that he is keen to “reopen” the economy, and has indicated it would be similar to flicking a switch.  This is despite a constant rise in COVID-19 infections and awful forecasts for the numbers of deaths in the country.  "It's fully expected, there's no surprise … even the Democrats aren't blaming me for that," President Trump said when he was asked about the recent job numbers in an interview with Fox News.

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