Wall Street marks an impressive rally in the charts, DJIA en route to 26000 psychological number
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- The Dow Jones Industrial Average (DJIA), rallied 214.66 points, or 0.8%, to 25,862.68.
- The S&P 500 index climbed 25.36 points, or 0.9%, to 2,876.32.
- Nasdaq Composite added 75.90 points, or 1%, to end at 7,898.05.
Despite there being no significant breakthroughs, U.S. stocks close higher for the third straight day on upbeat earnings from Walmart, Cisco and the Dow marked its best day, up 215 points or 0.8%, since April 12th. The Dow Jones Industrial Average (DJIA), rallied 214.66 points, or 0.8%, to 25,862.68. The S&P 500 index climbed 25.36 points, or 0.9%, to 2,876.32 while the Nasdaq Composite added 75.90 points, or 1%, to end at 7,898.05. Better-than-expected US data supported, and US Commerce Secretary Ross did say they’re getting to the core of talks with China, although adding rather dubious remarks as which would be hard to defend in the face of trade war antagonistic action:
- Huawei order will be effective starting tomorrow.
- Action is not part of trade talks with China.
- Huawei wasn't discussed during US-China trade talks.
U.S. data
- US: Housing Starts rise in April, still below last year’s level - Wells Fargo
- US: Weekly initial jobless claims decreased to 212K from 228K
- The Philadelphia Fed Manufacturing index in May rose to a four-month high of 16.6 after registering 8.5 in April.
DJIA levels
Technically, the bulls took out the 29. March lows at 25771, meeting the 61.8% Fibo on the way to the 50% level at 25950. The next target is the 26000 psychological level. The 4HR stochastics are in favour of a follow through but the price has met the descending resistance and it will need a strong commitment from the bulls at this juncture.
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