US FED: coming to rescue

US FED: coming to rescue

Bad part

Initial jobless claims announced for this week amounted to 6.61mln people - not as high as the previous mark, but still, very heavy and much more than what the market was expecting. Bad? Yes, it's bad.  

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Good part

That's why the US Fed's freshly announced additional crisis support program comes right on time - another $2.3trln will be distributed across the US economy to help the situation.

Definitely, good

The stock market reacted very positively to this news, despite quite a sluggish and controversial beginning of the trading day this Thursday.

Specifically, on the daily chart, the S&P 500 index is trying to overcome resistance at 2,785. The layout of the Moving Averages on the H4 is positive. A break above that level will open the way up to 2,890 (100-week MA). There the price will meet significant resistance. All in all, the potential of the positive scenario will remain as long as the price trades above the short-term trendline support at 2,645.

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Therefore, catch the day, and use the situation. From our side, we will keep you posted.

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Quadruple witching is gone and now there are no reasons for the market to hinder. From banks statements and economic data to gas storage reading and Fed’s Powell speech – get ready for active trading.

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