Wall Street indices register fresh record highs in early trading after the US ISM Non-Manufacturing PMI registered at 54.7 topping expectations of 53.5 in October and despite JOLTS Job Openings came in at 7.024M below expectations of 7.028M in September. The US Services PMI came in at 50.6, below forecasts of 51 in October while the Composite PMI came in at 50.9, below forecasts of 51.2. The United States Trade Balance came in at $-52.5B in line with forecasts for September. The Redbook Index (month over month) jumped to 0.3% in November 1st from previous 0% while the yearly reading came in at 5.5% vs 4.5%.
Last week the 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 supported equity indices.
The S&P 500 gives up 0.09% at 3,072. The Dow Jones trading 0.08% higher at 27,485, while the Nasdaq trading 0.03% higher at 8,435.
The CBOE Volatility Index or fear index started higher adding 0.22% at 13.05 to confirm the positive market mood.
Don’t miss a beat! Follow us on Telegram and Twitter.
S&P 500 Support and Resistance
S&P 500 is getting a boost by optimism around a trade deal between US and China later this month. S&P 500 positive momentum is intact as it trades in uncharted territories above all major daily moving averages. On the upside immediate resistance stands at 3,084 today’s high while more pressure will be met at 3,100 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 with the strongest rally the last six years. Traders ust be cautious ssseh RSI indxtrads at 68.85 close to overbought levels.
On the downside S&P 500 first support stands at 3,077.6 today’s low and then at 3,000 Friday’s low. Invvvestors 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 0.16 percent higher at 7,381 as the pound trades above 1.2868. DAX index trading 0.02 per cent higher at 13,138 while CAC 40 in Paris also trading 0.24 per cent higher at 5,838.More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.