- The Dow Jones Industrial Average DJIA, +0.31% rose 81.25 points, or 0.3%, to end at 26,543.33.
- The S&P 500 index SPX, +0.47% added 13.71 points, or 0.5%, to finish at 2,939.88.
- The Nasdaq Composite Index COMP, +0.34% advanced 27.72 points, 0.3%, to close at 8,146.40.
Wall Street was higher on Friday, with both the S&P 500 and the Nasdaq ending at records, while the laggard, once again, only managed to add 0.3% – For the week, the Dow fell 0.1% while the S&P 500 added1.2% and the Nasdaq climbed 1.9%, for a fifth consecutive weekly gain.
U.S. data
As for U.S. data, GDP increased a stronger-than-expected 3.2% in Q1 which was above expectations for a 2% increase. The data is likely to argue against market pricing implying that the next move is more likely to be a cut than a hike from the Fed and should keep the greenback and US stock prices underpinned. Meanwhile, the University of Michigan came in at 97.2, down a touch from the 98.4 in reading in March.
DJIA levels
Technically, the outlook remains the same with no major upside gains affecting the bearish outlook driven by 4HR and daily stochastics, (correcting overbought readings). Bears, however, need a break below the 20-D SMA, and then 26000 opening risk towards 25700s. A subsequent break of the 50-D SMA just below 26000 opens risk to the 23.6% Fibo retracement of the late Dec rally at 25500 guarding 25300 (200 D SMA). A break all the way down to the 24800 gap area would come into target ahead of the 24500s and then 50% of the upside run made at the end of Dec at 24150.
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