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S&P 500 hit new record as focus turns to NFP

S&P 500 and NASDAQ jumped to close at record highs overnight as focuses now turn to non-farm payroll report. Markets are expecting 900k jobs growth in July while unemployment rate would fall from 5.9% to 5.7%.

Looking at related data, ISM manufacturing employment rose 3 pts to 52.9. ISM services employment also rose 4.5 pts to 53.8. Four-week moving average of initial claims was relatively unchanged at 394k. However, ADP private job growth was a big miss at 330k growth only. There is risk of a big surprise in the NFP print.

S&P 500 is losing some upside momentum as seen in daily MACD. But there is little to worry about the medium term up trend. It’s staying well above rising 55 day EMA, inside the rising channel. Some jitters might be seen in response to today’s NFP. But SPX should still be on track to 100% projection of 2191.86 to 3588.11 from 3233.94 at 4625.94, as long as 55 day EMA holds.

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