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According to the charts, the S&P 500 should continue its current upward trajectory, Cramer says

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News Tech: According to technical analysis by seasoned chartist Ralph Vince, the stock market should be able to maintain its upward trend in the near future, CNBC’s Jim Cramer stated on Tuesday.

Vince’s model, which is based on continuous jobless claims and is included in the Labor Department’s weekly jobs reports, is one factor in his current prediction, according to Vince. According to Cramer, the technician examines that piece of employment data to get knowledge about the state of the economy and, consequently, whether investing in the S&P 500 makes sense. According to Cramer, robust labour markets are associated with rising stock prices, whereas recessions often spell bad news.

The “Mad Money” anchor stated, “The charts, as read by… Ralph Vince, imply that this market can keep drifting higher for the next several months as long as employment is robust,” before urging viewers not to become overconfident as we approach the year’s final third.

“At the moment, Vince claims that the ongoing claims data is still bullish. We have an extremely strong labour market here, despite the fact that we are really concerned about a Fed-mandated recession, Cramer remarked. Even while it increases the likelihood that the Fed will raise rates quickly in the future, this is positive news for the overall economy. However, the persistently strong employment market also somewhat mitigates the negative effects of those rate increases.

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