"The Dow Jones Industrial Average (INDEXDJX:.DJI) declined for a fifth straight session yesterday, following upbeat economic reports," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "This morning's November employment report will undoubtedly be a market-moving event." Ahead of the data, slated for release at 8:30 a.m. ET, futures on the blue-chip barometer are higher, with the index looking to snap its recent losing streak.
Meanwhile, Venosa says, "Keep an eye on the 178.50 area for the SPDR S&P 500 ETF Trust (SPY), as peak put open interest in the weekly series, which expires at tonight's close, resides here. This level has held as support so far this week."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are more than 60 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 1,091,333 call contracts traded on Thursday, compared to 564,836 put contracts. The resultant single-session put/call ratio fell to 0.52, while the 21-day moving average remained at 0.56.
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Earnings and Economic Data
The week closes out with the Labor Department's nonfarm payrolls report and the unemployment rate, personal income and spending figures, the preliminary reading of the Thomson Reuters/University of Michigan consumer sentiment index for December, and consumer credit. American Eagle Outfitters (AEO) and Big Lots (BIG) will report earnings.
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