Wed, Jun 23, 2021 @ 12:41 GMT
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DOW hits new record as focus turns to non-farm payrolls

US non-farm payroll report will be a main focus today. Markets are expecting strong 950k growth in April, with unemployment rate down from 6.0% to 5.7%. Average hourly earnings are expected to rise 0.1% mom. Looking at related data, ISM manufacturing dropped from 59.6 to 55.1, but stayed well in expansion. ISM services employment rose from 57.2 to 58.8. ADP employment showed 742k growth. Four-week moving average of initial claims dropped to 560k. Overall, it’s just a matter of how strong the job market rebound had been.

DOW outperformed other major US indices and surged 0.93% to new record high at 34548.53 overnight. The strong close suggests that up trend is maintaining solid momentum. We’d expect current rise to target 100% projection of 18213.65 to 29199.35 from 26143.77 at 37129.47 next. In any case, outlook will stay bullish as long as 33687.01 support holds.

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