The employment report has helped to spark a big rally today, and the NASDAQ is hitting new all-time highs. I looked back at other instances where the NASDAQ spiked higher and closed at a new high on the day of an employment report. The results I saw were compelling. Here are the list of instances along with their 5-day returns:
With the only loser closing down 0.06%, the stats are completely lopsided for the bulls. Employment-sparked momentum leading to new highs like we are seeing today has seen positive short-term follow through in the past. This certainly appears worth keeping in mind as traders ready for next week.
Hat-tip to @McClellanOsc for the idea to test!
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