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Kayıt Tarihi: 13-Kasım-2019
Gönderilenler: 61
Gönderen: 03-Nisan-2021 Saat 11:16 | Kayıtlı IP Alıntı xysoom

Fresh All-Time High May Set Narrative for Q2 Trading



The S&P 500 put in a fresh record-high close on Thursday
after a stronger-than-expected manufacturing report from
the Institute of Supply Management (ISM) injected bullish
energy into equity markets. US manufacturers, according
to the report, are being overrun with heavy demand,
indicated by a sharp swing higher in new orders. The
benchmark S&P 500 index closed just shy of 4,020 after
rising 1.18% on the day.To get more news about
WikiFX, you can
visit wikifx.com official website.

  Technology stocks also rose strongly into the
extended US holiday weekend, with the Nasdaq 100 index
recording a 1.82% rally. Elsewhere, the small-cap Russell
2000 index gained 1.50%, while the Dow Jones Industrial
Average (DJIA) climbed 0.52%. The US Dollar weakened
against most major G10 peer currencies.

  Thursday marked the end of the trading week for the
United States, with stock markets set to reopen on Monday
following the Easter holiday. Bond markets, however, will
see a shortened trading day on Friday. Speaking of bond
markets, Treasuries saw buying across most tenures except
the 2-year. The benchmark 10-year yield fell 4.15%.

  The US government bond market recorded its worst loss
in years, particularly in long-dated Treasuries. The
iShares 20+ Year Treasury Bond ETF – composed of bonds
with a maturity over 20 years – saw a violent 14.83%
decline in the first quarter. The roiled Treasury market
will likely remain in focus going forward as investors
remain doubtful that the Fed wont prematurely raise rates
amid a stimulus-fueled domestic economy that continues to
heat up.
The Asia-Pacific session is set to be a bit quieter than
usual with closed markets in Australia and New Zealand
for the Good Friday holiday. Australia’s ASX 200 gained
0.56% on Thursday to kick off the second quarter. Equity
markets across the rest of the APAC region also gained.
Market sentiment received a boost after US President Joe
Biden outlined his infrastructure plan early Thursday
when the US leader called for a $2.25 trillion investment
in roads, bridges, airports, and green energy
infrastructure.

  The Australian Dollar is moving higher on broader
Greenback weakness. AUD/USD initially was moving lower on
Thursday, threatening to break below a key support level
from a Head and Shoulders pattern, but subsequently
shifted higher later in the session. The move higher
comes despite a worse-than-expected trade report out of
Australia that showed weakness in exports.

  Friday‘s economic event calendar is void of high-
and medium-impact events, according to the DailyFX
Economic Calendar. Thailand will see business confidence
and unemployment data cross the wires, while India will
release its foreign exchange reserves for the week ending
March 26. While US markets are closed tomorrow, traders
will have a close eye on the highly-anticipated non-farm
payrolls report, with the consensus estimate slated to
print at 647k, which would nearly double the prior
month’s figure.

S&P 500 TECHNICAL OUTLOOK
  The S&P 500s break above the 4,000 level saw prices
rise above the upper trendline of a Rising Wedge pattern.
While technically a bearish pattern, the break above
resistance highlights the underlying strength in US
markets. And now, with a full retracement of the last leg
lower, the 161.8% Fibonacci retracement shifts into view
at the 4,064 level.

  Alternatively, a move back into the wedge could be
viewed as a bearish development. However, given the
broader trend higher, any pullback will likely be
transitory. The Relative Strength Index (RSI) is showing
some bearish divergence, although the MACD oscillator is
trending higher, pointing to healthy momentum.
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