In spite of a miss in the ADP employment data, major US indices like S&P 500 (US500) or Nasdaq-100 (US100) managed to finish yesterday's trading higher. Once again markets took bad news as good news with expectations that it will delay Fed's QE taper. Tech US100 even managed to reach a fresh all-time high near 15,700 pts mark, being supported by good performance of the US Big Tech.
Taking a look at US100, we can see that recent upward momentum has been strong with the index gaining over 6% over the past dozen or so trading sessions. While US100 pulled back overnight and gave back some gains, the index still trades far above worrying price levels. Index found support at the 50-hour moving average in the after-hours trading and after a brief sideways move, it has managed to bounce off the upward trendline. As the lower limit of market geometry at 15,550 pts was left intact, the uptrend does not seem to be in danger…. at least for now. Today's US data releases are unlikely to have a major impact on stock indices but NFP report at 1:30 pm BST tomorrow may trigger some moves.
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Source: xStation5
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