By IFCMarkets.com

Weak US data bearish for SP500

Recent US economic data were weak. The pace of economic recovery slowed in Philadelphia Federal Reserve district in September, the number of Americans who filed for unemployment benefits last week were higher than forecast, while US home builders started construction on new houses at higher pace in August. Thus, the Philadelphia Fed manufacturing index fell to 15 in September from 17.2 in prior month, initial jobless benefit claims increased 860,000 instead of forecast of 825,000, however housing starts rose 3% over year in August at a seasonally adjusted annual rate of 1.42 million. And with continuing claims at 12.63 million reflecting very elevated unemployment Fed chair Powell said it may take a long time for US economy to recover to full employment level. Weak economic data are bearish for SP500.

Summary of technical analysis

Market Analysis provided by IFCMarkets.com

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