S&P 500

Delayed USA - 09/19 11:17:58 pm

Up 0.2% after NFP

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09/06/2019 | 08:33 am
Opinion : Check out the trading range breakout 2960 / 3000 
The buying craze continued yesterday in Wall-Street, with the prospect of a resumption of trade negotiations between Beijing and Washington, but also following the publication of better than expected statistics in the United States.
The ADP reported 195K new jobs compared to 148K expected, the ISM services jumped to 56.4 (consensus 54), industrial orders are progressing more than expected (1.4% compared to 1% expected) and oil stocks have fallen by 4.8M, allowing a rise in the price of a barrel.
The S&P500 thus ended up sharply up 1.3% to 2976 points, less than 2% of its historical records.

The U.S. index is expected to start the session with a modest 0.2% increase today, after the release of a contrasting monthly report.
The unemployment rate stood at 3.7%, job creation amounted to 130K (163K consensus) and hourly wages increased by 0.4% while the consensus was based on 0.3%.

Graphically, the trend remains clearly upward in hourly data above 2940 points, a convergence area with the 8 o'clock moving average. In intraday, a bullish bias will remain privileged above 2960 points, corresponding to the upper bound of a gap opened yesterday, with 3000 points in the line of sight or even 3028 points per extension.
Laurent Polsinelli
Zonebourse.com 2019
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