US Non-Farm Payrolls Fall Short of Expectations

GOOGL shares have risen 5.9% in the last 24 hours, with the RSI approaching overbought territory at 65.6. While the MACD remains above the signal line, momentum may be weakening. The weaker-than-expected non-farm payroll data could negatively impact overall market risk appetite, but its effect on technology stocks may be limited. In the short term, a new catalyst is needed for the rally to continue, so a sideways trend can be expected.

The weaker-than-expected non-farm payrolls data could heighten concerns over an economic slowdown, potentially dampening risk appetite in the near term. Although the RSI on the SPX stands at 57.9, indicating a neutral zone, the MACD remains below its signal line, pointing to weakening momentum. While the price is above the 20- and 50-day moving averages, selling pressure from the news may test these support levels. A short-term bearish bias prevails, but the market's reaction speed and volume will be decisive.

The weaker-than-expected non-farm payrolls data has heightened economic slowdown concerns, potentially dampening risk appetite. NDX is trading below its 20-day moving average (29,962), with the RSI at 48 in neutral territory, indicating short-term weakness. The MACD remains below the signal line, confirming downward momentum. However, a 2.2% gain over the past 24 hours and efforts to stay above the 50-day moving average (29,615) suggest limited downside. The 29,600-29,800 range may be tested in the near term.

The weaker-than-expected non-farm payrolls data could create downward pressure on the US dollar. Technically, the DXY is trading at 101.17, with the RSI at 44.6, indicating a weak zone. The MACD line is below the signal line and in negative territory, supporting a short-term bearish trend. The price is trading below the 20- and 50-day moving averages, suggesting sellers remain in control. However, for the decline to accelerate, the 101.00 support level needs to be broken.