<\/p>\n
US indices have been gaining daily since the beginning of May. They have found strength amid relatively weak job reports and quite upbeat quarterly earnings. The S&P500 and Nasdaq100 indices are just 1.5% below the all-time highs set in March.<\/p>\n
The market downturn in the first three weeks of April has whetted bargain hunters\u2019 appetite. Investors returned to buying on signs that the economy and labour market were cooling.<\/p>\n
The decline in April effectively removed the overbought condition on the equity market, dipping into “fear” territory from the “extreme greed” seen in early March.<\/p>\n
We see the return of all three key US indices – Dow Jones, Nasdaq100 and S&P500 – back above their 50-day moving averages as a technically important signal. A weak labour market report last Friday shifted the balance in favour of buyers.<\/p>\n
While the Japanese market went out of favour with speculators last month, their attention seems to have shifted to Europe. Almost daily, the FTSE100 index is updating all-time highs, adding 8% to the lows of 19 April. Germany’s DAX40 has added 6% over the same time and is just 0.5% below its all-time high. These are indirect but rather important signs of risk appetite<\/a> in global equity markets, which is also positive for the US market.<\/p>\n The S&P500 corrected in April to 76.4% of the rally from the October lows to the peak in early April. This is not a classic 61.8% Fibonacci retracement, but it is also quite common in strong bull markets.<\/p>\n Confirmation of this bullish scenario would be a rally of the index above 5300 with a renewal of the all-time highs. According to the Fibonacci extension, the next strong correction will only be in the 6000 area in the 6\u20139-month timeframe. Within this scenario, the bullish targets for the Nasdaq100 will be the territory above 21000.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" US indices have been gaining daily since the beginning of May. They have found strength amid relatively weak job reports and quite upbeat quarterly earnings. The S&P500 and Nasdaq100 indices are just 1.5% below the all-time highs set in March. The market downturn in the first three weeks of April has whetted bargain hunters\u2019 appetite. […]<\/p>\n","protected":false},"author":2,"featured_media":6657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,307,255,250,252,247,253,249,308,334,256,254],"class_list":["post-297941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-equities","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-technical-analysis","tag-unitedstates","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/297941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=297941"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/297941\/revisions"}],"predecessor-version":[{"id":297943,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/297941\/revisions\/297943"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/6657"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=297941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=297941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=297941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}