Wall Street ends modestly higher on last trading day of month; DJIA needs a breakout, eyes on 20-D SMA
|- S&P 500 index ending higher by 0.1% at 2,945, for a gain of 2.80 points.
- Dow Jones Industrial Average (DJIA) closed higher by 0.2% at 26,593.
- The Nasdaq Composite Index was the laggard, down by 0.7% at 8,108.
Wall Street ended the day with modest gains, with the S&P 500 index ending higher by 0.1% at 2,945, for a gain of 2.80 points; The S&P 500 made its third consecutive record close while the Dow Jones Industrial Average (DJIA) closed higher by 0.2% at 26,593, powered by gains in Chevron Corp. CVX, +1.99% and Travelers Cos. Inc.TRV, +1.62% . The Nasdaq Composite Index was the laggard, down by 0.7% at 8,108 as investors reacted to disappointing sales figures from Google-parent Alphabet Inc., which weighed on technology shares; Googles parent, Alphabet Inc., dropped 8.4% as revenue growth cooled off in the first quarter. with all major sales categories performing slightly worse than projected.
US data:
"US conference board consumer confidence rose 5 points to 129.2 in April (last: 124.2), with both present situations (168.3 vs 163.0) and expectations (103.0 vs 98.3) better than expected. While the data provide some evidence that the Fed's GDP outlook looks a little soft, the Q1 employment cost index print of 0.7% q/q (with annual growth ticking down to 2.8% from 2.9% in Q4) suggests wage inflation remains contained despite the labour market remaining tight," analysts at ANZ Bank explained.
DJIA levels
Technically, bulls are perking up but moves lack conviction and the index is stuck around the pivot and directionless. Bears need a break below the 20-D SMA, and then 26000 opening risk towards 25700s. A subsequent break of the 50-D SMA just below 26000 opens risk to the 23.6% Fibo retracement of the late Dec rally at 25500 guarding 25300 (200 D SMA). A break all the way down to the 24800 gap area would come into target ahead of the 24500s and then 50% of the upside run made at the end of Dec at 24150.
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