The US Non-Farm Payrolls gained 916000 jobs last month, the biggest surge since last August, and a much better figure than the expected 647000. The Dow Jones Industrials sliced through our 33240 resistance level to close at a new record high as economic normalization seems to be accelerating raising hopes that all the jobs lost will be recouped by the end of next year. However, many investors now expect the Fed to look into tapering its bond buying later this year even though the Fed said it has not discussed the issue yet. Technical indicators today favor a retracement lower to the 50-period moving average and a retest of the 33240 resistance now turned support.

Support: 33000 / 32820
Resistance: 33190 / 33240

 

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