Stocks rallied Friday to close a volatile week, as U.S. Treasury yields pulled back from their recent highs and economic data helped investors look past the growing likelihood that the Federal Reserve will keep its restrictive policy in place for longer than anticipated. The yield on the benchmark 10-year Treasury settled back below 4%, shedding 11 basis points to 3.96%, and the two-year yield fell five basis points to 4.86%. U.S. economic data released Friday showed better than expected demand for services in February, new orders rose to the highest level in more than a year, and hiring increased.
Chart: SPX daily and 15 mins for whole week
Chart: SPX daily and SPX weekly
Last Friday's trade was quite positive, which gave a huge energy bar doji on the daily chart and huge hammer doji on the weekly chart. Which is absolutely a clear confirmation for bullish trend continuation. 200 EMA from daily (3940ish) can be used as higher pivot lows.
For this coming week, the jobs report could be the biggest talking point of after Federal Reserve governor Christopher Waller warned interest rates may have to be raised more than expected if economic data comes in hot.
Investors will also be paying close attention to Treasury yields, especially the 10-year Treasury note after its flirtation with the 4% level.
On the political front, the White House is expected to release a proposed budget on March 9. The proposal could have implications for some defense stocks depending on the funding levels that are eventually worked out with Congress. Meanwhile, earnings reports slow down quite a bit in the week ahead.
Chart: SPX 30 mins and 1hrs
Chart: SPX daily
From the tech side of analysis, SPX is so far bullish, and moving aside with Bolling Bind upper line, if you are a trend trader, you can taken some profit before 21 EMA daily (4050-60ish). And for next week, I am expecting the SPX could hold up 4000 and try to test 4190ish level.
Please feel free to express your ideas and thoughts in the comment section.
Last Friday's trade was quite positive, which gave a huge energy bar doji on the daily chart and huge hammer doji on the weekly chart. Which is absolutely a clear confirmation for bullish trend continuation. 200 EMA from daily (3940ish) can be used as higher pivot lows.
For this coming week, the jobs report could be the biggest talking point of after Federal Reserve governor Christopher Waller warned interest rates may have to be raised more than expected if economic data comes in hot.
Investors will also be paying close attention to Treasury yields, especially the 10-year Treasury note after its flirtation with the 4% level.
On the political front, the White House is expected to release a proposed budget on March 9. The proposal could have implications for some defense stocks depending on the funding levels that are eventually worked out with Congress. Meanwhile, earnings reports slow down quite a bit in the week ahead.
From the tech side of analysis, SPX is so far bullish, and moving aside with Bolling Bind upper line, if you are a trend trader, you can taken some profit before 21 EMA daily (4050-60ish). And for next week, I am expecting the SPX could hold up 4000 and try to test 4190ish level.
Please feel free to express your ideas and thoughts in the comment section.
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