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Wall Street continues to buy and reaches very relevant resistance levels



Wall street it has risen 1% on average (Dow Jones: + 0.89%; S&P 500: + 1.15%; Nasdaq: + 1.41%) behind the mixed closure this Wednesday. Investors continue to discount the lousy employment data and technology sector stocks They have returned to lead a day more shopping. The Nasdaq has closed near resistance at 9,000 points and has returned to levels at the beginning of the year, while the S&P 500 has closed near the April highs, which also correspond to the 61.8% Fibonacci retracement of the entire fall from the February highs to the March lows.

This Thursday the weekly unemployment claims have been known. The virus has destroyed another 3.16 million jobs, a figure that has been somewhat worse than the forecast 3 million.

In just seven weeks, the outbreak has already wiped out more than 33.5 million jobs in the largest economy in the world, although investors continue to discount that the economy will recover from the second half.

This Friday, the icing on the cake is scheduled with the publication of the official US unemployment data. All forecasts anticipate a 16% unemployment in April (from the 4.4% registered in March) and the monthly destruction of some 22 million jobs.

In the raw materials market, the West Texas oil It has fallen 3% to $ 23.27, after advancing 10% in the most bullish times of the day. Besides, the ounce of gold It has risen sharply by 2.2%, to $ 1,727, while the euro it has appreciated 0.3% and is changing to $ 1.0825. Finally, the profitability of 10-year American bond has fallen to 0.63% and the VIX volatility index It is down 6%, to 32 points.

By technical analysis, the Nasdaq "continues to offer a flawless appearance" as it has managed to rise above the 200-session average. "The technological selective has bounced 35% since the annual lows in March, which has allowed overcome the 61.8% Fibonacci retracement of the bearish momentum that began at the end of February, "explains César Nuez, an analyst at Bolsamanía.

"This is a sign of strength that makes us think of a return to the historical highs drawn at the beginning of the year at 9,736 points. To do this, however, you should confirm overcoming the key resistance of 9,000 points, prices that could calmly attack in the coming days, "concludes Nuez. The selective has closed at 8,979 integers.

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