AR
9 May 2025,07:13
Daily Market Analysis
9 May 2025, 07:13
Key Takeaways:
*U.S.-UK trade deals boost sentiment in Wall Street.
*U.S. Initial Jobless Claims came soft, harming Wall Street risk appetite.
All three major U.S. equity indices—Dow Jones, Nasdaq, and the S&P 500—closed higher in the latest session, continuing their upward trajectory. However, signs of waning momentum suggest the rally may be approaching a near-term exhaustion, raising the prospect of a technical pullback.
The equity market found fresh support after President Trump signed a trade framework agreement with the UK, a move seen as a softening of the administration’s earlier sweeping tariff stance. The development helped calm investor nerves and reinforced risk-on sentiment. Optimism also stems from ongoing trade talks between the U.S. and China, as both sides seek to ease tensions that had previously unsettled global markets.
Meanwhile, the U.S. labor market remains firm. Initial Jobless Claims fell below expectations, signaling continued labor strength that could push the Federal Reserve to retain its hawkish stance—potentially tempering risk appetite on Wall Street.
Globally, monetary tightening could add to investor caution. The Bank of Japan has adopted a more hawkish tone amid improving domestic economic data, a shift that may weigh on global liquidity and further challenge equity market valuations in the near term.
The S&P 500 extended its rally to reach a one-month high, reinforcing a bullish bias for the index. Technical support has been firmly established above the 5,630 level, indicating that buying interest remains strong and may propel the index toward fresh highs.
Momentum indicators are also aligning with the bullish narrative. The Relative Strength Index (RSI) has consistently held above the 50 mark for two consecutive weeks, signaling sustained upward momentum. Meanwhile, the MACD continues to climb after crossing above the zero line, further confirming strengthening bullish sentiment.
These developments suggest that the S&P 500 may continue its ascent, supported by resilient investor confidence and robust technical foundations.
Resistance level: 5860.00, 6120.00
Support level: 5627.00, 5378.00
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