The monthly jobs report came out this morning, and the unemployment rate keeps slipping lower, chipping away at the Covid-shutdown explosion early last year.
Conversely, the quantity of people working has been inching higher, although we’re still well below where things were in the before-time.
Of course, having a 4.6% unemployment rate isn’t too much to crow about when near 40% of adults aren’t interested in working in the first place.
All the same, for whatever reason, this report was Yet Another Reason for the equity markets to surge to their daily lifetime highs, which has become a daily ritual. The small caps in particular have exploded this week, making use of all the pent-up energy of being range bound for most of 2021.
The S&P 500, by way of the SPY, has retraced all the way up to the apex of its failed wedge pattern. The past four weeks have been an absolutely unstoppable bull-fest.
I would also point out that the NASDAQ, at lifetime highs (of course), may need to take a serious breather after this latest rally, considering its own position relative to its medium-term trendline.
