The Dow Jones pared it early losses to finish slightly above the flatline, while the S&P 500 and Nasdaq 100 held on gains and added 0.3% and 0.7%, respectively. Revisions to the Department of Labor’s seasonality models showed that claims for unemployment benefits have been considerably higher than initial reports in the latest months. Other data this week also suggested some softening in the labor market, driving the yield on the 10-year Treasury note to a seventh-month low and supporting the tech-heavy.
Correction signal matched the forecast given in the previous news when the index had a series of continuous gaining sessions since March 21 and started showing signs of slowing down. This was shown by matching orders to maintain a high level but the body of the candle was small, meaning that profit-taking pressure exists and negated the buying motivation, making the index unable to break out.
- Global stocks try to stay in the green. The Reserve Bank of India (RBI) unexpectedly left its policy rate unchanged.
- Domestic stocks fell, order matching remained high
- Technical view and recommendation #GVR
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