Wall Street on Thursday focused primarily on quarterly reports of companies. The yield on ten-year bonds returned before the session to the level of 3% and the rest maintained, what bulls on the stock market must have liked. Everything promised a reflection of the indexes.
A report from the labor market was published and the market participants learned that 209k new applications for unemployment benefits were submitted last week (expected 231 thousand). The average of four weeks for these data has decreased. March orders for durable goods increased by 2.6% m/m (1.4% expected). Orders without means of transport have not changed (an increase of 0.5% was expected).
Moreover, Wall Street had to digest many reports from quarterly companies. After the Wednesday session in the US, quarterly reports presented, among others: AMD, AT & T, eBay, Facebook, Qualcomm, Visa. The results were generally better than expected and only eBay shares were cheaper. On the other hand, it was 10% more expensive than Facebook. Before the Thursday session, many companies also published reports, but most of all they waited for what they would show after the Thursday session of Amazon.com, Intel, Microsoft, and Starbucks.
Bulls on Wall Street were supported not only by the results of the companies and the bond market but also by the fact that the SP500 index for the second time defended on Wednesday the average 200th session. The indexes have been growing rapidly since the beginning of the session. The SP500 index ended the day with an increase of 1.06%. Of course, NASDAQ gained the most (it gained 1.64%). Such a strong correction may, but does not have to start a long period of increases. Much will depend on bond yields.
Let's now take a look at the SP500 technical picture at the H4 time frame. The market has retraced 61% of the previous swing sown and was capped at the level of 267.28. The next technical support is seen at the level of 265.34 and the next technical resistance is seen at the level of 267.96.
