S&P 500 Gains As Initial Jobless Claims Drop to Lowest Pandemic-Era Levels

The S&P 500 index and other US indices shrugged off the hawkish FOMC minutes and opened higher on Thursday. The S&P 500 index got a boost from upbeat data from the employment sector.

The sectors of the S&P 500 index seeing demand are the risk-sensitive Technology and Communication Services indices. The gains there overcame faltering the crude oil price-induced drop in the Energy Index.

The US employment sector continues to see a steady drop in the initial jobless claims data. The latest report showed a decline from 478K to 444K, beating the market expectation of 453K and allowing for a 0.8% gain in the S&P 500 index as of writing.

Technical Levels to Watch

The upside seen today stemmed from a bounce on the 4120.48 support level. This allows the bulls a chance at hitting the immediate resistance at 4150.37. A break above this resistance clears the pathway towards the 4176.61 and 4220.63 upside barriers. The ATH is found at 4238, and this barrier would need to give way for the 4260 Credit Suisse’s target to become an attainable destination.

On the other hand, a rejection at 4150.32 allows for a corrective decline, which tests 4120.48. If this support gives way, the price may find its way down towards 4082.72, with 4032.37 (5 April low)

coming in as an additional target to the south. 

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S&P 500 Daily Chart

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