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US Manufacturing PMI Improved Slightly in March; S&P500 Reflects Risk-on

The March Manufacturing PMI reported by the Institute for Supply Management (ISM) came in at 53.7, up from the 53.2 in February, but missing economists' forecasts around 54.2.

Here is a breakdown of the components at a glance.

(Source: ISM)
Although the data missed forecast, it is still a positive report, and the markets remain risk-on through the report as evidenced by a bullish push in the S&P500. As we get into US trading, traders are pushing the equity index to Feb-March highs, which represent historic highs.

(S&P500 4H chart 4/1)
Will there be resistance here ahead of Friday's NFP? I believe there should be, and if the market does push above 1888.6, we should anticipate a throwback before Friday's major event risk.