Wall Street indices started higher in early trading to fresh record highs, after stronger than expected NFP data from Labor Department. United States Nonfarm Payrolls came in at 128K topping expectations of 89K in October, and the Unemployment Rate came in at 3.6% in line with forecasts for October, the labor force participation rate increased to 63.3%, up from 63.2% in September. US Average Hourly Earnings (month over month) came in at 0.2%, below expectations of 0.3% in October. The ISM Manufacturing PMI came in at 48.3 below forecasts of 48.9 in October.
The S&P 500 adding 0.69% at 3,058. The Dow Jones trading 0.84% higher at 27,273, while the Nasdaq trading 1.00% higher at 8,374 after positive economic news.
The CBOE Volatility Index or fear index giving up 0.67% at 12.53 to confirm the positive market mood.
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S&P 500 Technical Levels to Watch
S&P 500 is getting a boost by strong hiring report and better earnings release before the market open which drives the index fresh all-time highs. S&P 500 bullish momentum is intact as it trades in uncharted territories above all major daily moving averages. On the upside immediate resistance stands at 3,060 today’s high while more pressure will be met at 3,080 psychological mark. S&P has formed a strong floor at 2,822 during August which absorbed all the offers and signalled the rebound which drove the index to all-time highs.
On the downside S&P 500 first support stands at 3,031.4 today’s low and then at 3,000 Friday’s low. Traders looking to enter long positions can buy if the index closes above today’s high, targeting the 3,100 level for profits, and can keep their long positions as far the index is trading above the 3,000 mark.
The European indices trading higher, the FTSE 100 is 0.47 percent higher at 7,282 as the pound trades above 1.2954. DAX index trading 0.84 per cent higher at 12,975 while CAC 40 in Paris also trading 0.66 per cent higher at 5,767.Download our latest quarterly market outlook for our longer-term trade ideas.
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