US500 rose nearly 3.0% on Tuesday, tracking the rebound in global equities amid hopes that recent data could drive FED to ease the pace of tightening. The tight US labor market started to show signs of loosening in August, which is exactly what Powell was looking for. One of his preferred measures of labour market - US job openings per unemployed person - moved lower. After Monday's manufacturing figures, markets see today's JOLTS data as another good sign, which may lead to FED pivot.
Source: Twitter/ MacroAlf
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Create account Try a demo Download mobile app Download mobile appHowever one need to remember that JOLTS data is often very volatile and not always fully reflects the current macroeconomic situation. Nevertheless, investors euphorically reacted to the latest data, which led to strong upward moves of major benchmarks. US500 upholds yesterday's bullish momentum and is currently approaching key resistance at 3800 pts, which is marked with previous price reactions and 38.2% Fibonacci retracement of the upward wave launched in March 2020. Should break higher occur, upward move may accelerate towards next resistance at 3900 pts. On the other hand, if sellers manage to regain control, then another downward impulse towards recent lows at 3630 pts may be launched. 
US500, D1 interval. Source: xStation5
