US Fed additional crisis support actions

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.

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.

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

usd federal reserve economic data