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S&P500 Makes Another Record High as Jobs Return Above 2008-Peak

The headline US NFP didn't look that impressive in March, coming in at 192K, which missed the 199K forecast. The unemployment rate remained at 6.7% - economists had forecast a drop to 6.6%. 

The good news is that the February reading was revised up from 175K to 197K. After a drop in December, the jobs market seems to be recovering well.


(source: tradingeconomics.com)


Also, total private sector jobs finally surpassed the 2008 peak before the economic crisis took grip.

March 2014: 116,087,000 jobs.
January 2008: 115,977,000 jobs.

The S&P500 pushed higher after the jobs data, making another historic high. It does not seem like anything can stop the risk-on flow.


(S&P500 1H hart, 4/4)


If there is a bearish correction, we can first anticipate support around 1883, which turned from a resistance to support. Then, the 1870-1875 area could also be tested as resistance turned support.