Lower dollar/more dovish Powell and strong NFP helping stocks
The S&P (and other indices) remain near highs and up sharply. A lower dollar, more dovish Powell AND strong job growth is the formula for the gains.
The price of the S&P has been able to move above the 100 hour MA in the process. That comes in at 2506 an over the last few hours, the price has been able to stay above that MA level.
The next hurdle comes in at the 38.2% retracement of the December swoon. The price has moved above that level at 2519.86 but there is not a lot of run….at least yet. The high has reached 2525. We currently trade around 2520.
Do we have another run?
A lower dollar would help the cause I would guess. Staying above 100 hour MA on the S&P helps the causes as well (if it can’t go lower, it goes higher).
Below is the snapshot of the strongest and weakest currencies. The USD only lags the JPY (by a lot admittedly).
The JPY crosses are running higher and trade near their highs for the day.