The U.S. stock market indexes gained 0.2-0.6% on Friday, as investors reacted to the economic data announcements, including the Non-Farm Payrolls report and the Unemployment Rate for the month of July. The main indexes reached new all-time highs, extending their recent uptrend. The S&P500 index closed at the daily high of 1,709.67. The nearest support level is at around 1,685-1,690, marked by the May 22 local top of 1,687.18 and the recent consolidation, as we can see on the daily chart:

Expectations before the opening of today’s session are virtually flat, as the major European stock market indexes have gained 0.2-0.3%. The markets will wait for the U.S. economic data announcement now: the ISM Services report at 10 a.m. There are not so many factors that can affect the stock market today, as investors have already reacted to the last week’s economic data. The S&P500 futures contract (CFD) fluctuates near its record high, in a rather tight range. The nearest support level is at around 1,695, marked by some of the recent local tops. There are no clear negative signals, although a correction cannot be excluded. The CFD struggles with the resistance level at around 1,705, as the 15-minute chart shows:

Thank you,
Paul Rejczak