The S&P 500 is throwing a party today on the back of a stronger than expected Non Farm Payrolls Report. In the month of July 2016 there were 255,000 new jobs created. This was far stronger than the estimates. The market is moving sharply higher because it is a good number but also because the stock market and investors know that the Federal Reserve will always find an excuse to not raise interest rates. So if interest rates are not going up, then strong economic data is definitely a good thing.
The S&P 500 had a bullish consolidation pattern on the daily chart. This range has lasted now for three weeks. Today it looks like it is breaking out. Upside could be 2,200 on the S&P.
The S&P 500 had a bullish consolidation pattern on the daily chart. This range has lasted now for three weeks. Today it looks like it is breaking out. Upside could be 2,200 on the S&P.
Is This S&P Bullish Pattern Breaking Out? Take a look..
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