S&P 500: The S&P 500 is retesting 4,115

 


The S&P 500 closed down just 0.1% for the short-trading week, as the index retests its key resistance level at 4,115. The U.S nonfarm payrolls, which was released on Good Friday, rose by 236k in March vs. 240k expected. Average hourly earnings, closely watched by the Fed, was up 4.6% Y-O-Y, below the 5% estimate.

Since the stock and bond markets were closed on Friday, we will see the market reaction on Monday. Be aware, however, that the first quarter earnings season is now underway and earnings estimates for the technology and consumer discretionary sectors, which were revised downward last year, are now rebounding, per Yahoo Finance.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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