Dow and SP500 printing new Records | IFCM
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Dow and SP500 printing new Records

Jobs and Service sector lifting the market

After a significant rise in employment numbers in March, shown in the NFP report of last Friday, today also the ISM survey for March, led the expansion in activity in the services sector, which includes more than two-thirds of U.S. economic activities. The U.S. Services PMI (Mar) published at 60.4, more than 60.0 of expectation and above 59.8 of last month. The Published Job and PMI numbers ahead of the Q1 earnings season, signaling that economic growth in 2021 can be much better than expectations.

These created positive sentiments sent the U.S. stock markets to the new all-time highs. "If you had said a year ago that we would be where we are now, no one would have believed you," said Thomas Hayes, chairman, Great Hill Capital LLC, New York.


With speedy vaccinations and the latest government stimulus, earlier today, S&P 500 and the Dow, right after opening bell, printed new records high respectively at 4,0731 and 33,531, with 1.30% and 1.15% gain, It can get more motivated with massive infrastructure plan and coming earning season, which is expected to have lots of surprises.

With a 1.30% gain at 13,651, the NASDAQ is still 5% below its record peak from February as high-growth tech stocks are getting less interested with more economic openings.

Technical overview:

Dow and SP500

Technically, DJI in all charts moving above main M.A. lines. 50 DMA at 31,800 is still a key supporting level. Currently, P.P. sits at 33,270 and supporting the strong uptrend, as long as you can see any number above this level in the chart. For now, S3 at 33,666 is the next target. On the flip side, in return, just breaching under 50 DMA can change the trend.

Details
Author
Ahura Chalki
Publish date
10/12/23

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