Thursday's Markets Update (Jan 19, 2023)
Today's negative Weekly Unemployment Report, released by the Labor Department at 9:30AM (ET), didn't add much to markets 'correctional' sentiments despite jobless claims falling to 190K - below 4-weeks moving average of 206K and notably lower analysts' expectation of 214K.
NASDAQ was zig-zagging between 10.91K and 10.85K (o:10890, c:10852), after it gapped downside on the opening. At the same time, BTC showed some resilience (o: 20776, c: 21090) and continued to hang on despite negative news (including, Genesis filing for Chapter 11).
It shows that initiators of this big-players' rally are still there and will try to push for the continuation, which is theoretically possible until at least the midst of the following week, when a fresh wave of macroeconomic data might disrupt it, again.
However, the consolidation is what we often see on markets under present conditions and one week prior to FED's meeting.