Overview of the US stock market on April 1. A new upward wave may occur soon.

analytics60652e7797cb4.jpg

S&P 500, daily chart.

The US stock market rose strongly yesterday due to good reports on US employment. More specifically, the S&P 500 jumped by 0.36%, while the Nasdaq Composite and DJIA gained 1.5% and 0.3%, respectively.

Obviously, the sharp increase in people employed brought a positive feeling to investors, especially since it made long-term unemployment fall below 3.8 million.

Aside from that, US President Joe Biden unveiled new plans for the economy, for which there is a tough debate in the Congress regarding taxes. Nevertheless, the market remained very optimistic.

But the emerging third COVID-19 wave threatens another collapse in the world markets, particularly in Europe. In fact, incidence is picking up again in the United States, as yesterday it recorded 69,000 new cases. France, meanwhile, listed 42,000.

And sadly, most developed countries, except the US and UK, have very slow progress in vaccination.

In any case, the market is expected to grow today, but it may be short-lived since it is already the weekend and tomorrow is a holiday due to Catholic Easter. Movement may pick up next week.

Forecasts:

The DJIA is currently at 33.000, but it is expected to grow and range between 32.900 - 33.300 points.

WTI is currently trading at $ 59.50, but it is projected to increase by 0.6% and range between $ 58 - $ 61. This should happen if OPEC decides to maintain the current volume of production.

USD/CAD is trading at 1.2580, but it is expected to hit 1.2500 - 1.2650 today.

The USD index is currently at 93.40 points, and it is projected to range between 92.80 - 93.40 points today.

The material has been provided by InstaForex Company - www.instaforex.com

Pages