LOCAL MARKET
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LOCAL MARKET
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
U.S. stocks rose on Wednesday, closing out March and the first quarter on a high note as investors rotated back into high-growth tech while weighing President Joe Biden’s big infrastructure spending plan.
The S&P 500 ended the session 0.4% higher at 3,972.89 after jumping 0.9% to hit a fresh intraday record high.The
Classis cyclical sectors including energy, materials, financials and industrials all registered losses on Wednesday, while the S&P 500 tech sector outperformed with a 1.5% gain.
Private payrolls in March expanded at the fastest pace since September 2020 with companies adding 517,000 workers for the month, according to a report Wednesday from payroll processing firm ADP. It was a healthy spike from the 176,000 in February though just below the 525,000 Dow Jones estimate.
Investors await the key March jobs report on Friday to assess the state of the labor-market recovery. Economists expect 630,000 jobs were added in March, and the unemployment rate fell to 6% from 6.2%, according to Dow Jones.
Plan A : Short only if market failed to support above 3939. Targets are 3911, 3890 and 3868.
Plan B : Long if market retraced but supported firm above 3939. Targets are 3951, 3972 and 3990.
U.S. stock futures were higher in early Thursday morning as Wall Street looked to build on a solid March following the rollout of President Joe Biden’s infrastructure plan.
The tech-heavy Nasdaq Composite popped 1.5% to 13,246.87 as Apple, Microsoft and Facebook all gained at least 1.6%. Tesla popped more than 5%.
The Nasdaq was the relative underperformer as technology stocks are especially sensitive to rising rates because they depend on borrowing money cheaply to invest in their future growth. For March, the tech-heavy benchmark gained 0.4%. For the quarter, it gained 2.8%.
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Plan A : Long if market retraced but supported firm above 13068. Targets are 13097, 13131 and 13163.
Plan B : Short only if market failed to support above 13068. Targets are 13030, 12980 and 12949.
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LOCAL MARKET
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
U.S. stocks fell Tuesday as major technology shares came under pressure again after the 10-year Treasury yield touched its highest level since January 2020.
The S&P 500 slid 0.3% to 3,958.55, led by losses in consumer staples and technology.
The 10-year Treasury yield climbed 6 basis points to top 1.77% earlier Tuesday, hitting its highest level in 14 months as vaccine rollouts and expected infrastructure spending boosted the outlook for a broad economic recovery and rising inflation. The benchmark rate later turned flat at 1.72%.
Investors digested a reading on consumer confidence that far exceeded expectations. The Conference Board’s Consumer Confidence Index surged in March to 109.7, its highest reading in a year. Economists polled by Dow Jones expected the index to rise to 96.8 from 90.4 in February.
Despite the recent volatility, the Dow and S&P 500 are firmly higher for the month, gaining 6.9% and 3.9%, respectively.
President Joe Biden is expected to provide details about his infrastructure plan when he travels to Pittsburgh on Wednesday. The spending package could cost north of $3 trillion.
Plan A : Short if market failed to support above 3928. Targets are 3909, 3877 and 3850.
Plan B : Long if market retraced but supported firm above 3928. Targets are 3943, 3959 and 3977.
U.S. stock futures were flat in early morning trading on Wednesday after the Dow Jones Industrial Average slipped from its record level amid fears about rising interest rates.
The Nasdaq Composite dipped about 0.1% as Facebook, Amazon, Apple, Netflix and Microsoft declined. Big Tech stocks are especially sensitive to rising rates as they depend on borrowing money cheaply to invest in their future growth.
Investors are awaiting details on President Joe Biden’s infrastructure plan on Wednesday. The spending package could cost more than of $3 trillion.
Private payroll data from ADP will be released at 9:15 a.m. on Wednesday morning. Economists polled by Dow Jones are expecting 525,000 private jobs were added in March, well above the 171,000 added in February.
Plan A : Short if market failed to support above 12934. Targets are 12899, 12850 and 12812.
Plan B : Long if market supported firm above 12934. Targets are 12965, 12996 and 13028.
To subscribe to real time signal, email to us at futures.coin@gmail.com for details. Sign up today for April subscription.
LOCAL MARKET
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq If you like what we are doing, kindly like and share our page on FB. Foll...