The buying craze continued yesterday in Wall-Street, with the prospect of a resumption of trade negotiations between Beijing and Washington, but also following the publication of better than expected statistics in the United States.
The ADP has made state of 195K new jobs against 148K expected, the ISM services jumped to 56.4 (consensus 54), industrial orders are progressing more than expected (1.4% against 1% anticipated) and oil stocks have fallen back by 4.8M, allowing an increase in the price of the barrel.
The S&P500 thus ended up sharply up 1.3% to 2976 points, less than 2% of its historical records.
The U.S. index is expected to start the session with a modest 0.2% increase today, after the release of a contrasting monthly report.
The unemployment rate was 3.7%, job creation amounted to 130K (163K consensus) and the hourly wage increased by 0.4% while the consensus was 0.3%.
Graphically, the trend remains clearly upward in hourly data above 2940 points, an area of convergence with the moving average at 20 hours. In intraday, a bullish bias will remain privileged above 2960 points, corresponding to the upper bound of a gap opened yesterday, with 3000 points in the line of sight or even 3028 points by extension.