ALREADY BAKED IN THE CAKE

I mean the Friday good job report data, the impressive number of 288,000 jobs in April. That is the biggest increase in more than two years and highly above the expectations of 215.000.

The unemployment rate is the lowest since September 2008 is 6.3%. The stronger-than-expected report lifted first US indices, but the rally proved to be short-lived and finally made slight losses on Friday trading session.

Friday:

• Dow 16,513 -46 -0.28% 
• Nasdaq 4,124 -3 -0.08% 
• S&P 500 1,881 -3 -0.14% 

Weekly gains:

• SP500 +1%
• DJIA 0.9%
• Nasdaq 1.2%

The DJIA seems very bullish and made on Friday its highest intraday level ever again, at 16.631.

So the US indices don’t struggle at all, they are really fine; the crash is absolutely not imminent. The Dow was able to set a record closing high Wednesday, but on Friday went down around 0.4% from its record closing level of 16.580. However, all in all the week was really good and shows that the index is in pretty nice bullish momentum.

So fascinating bullish uptrend pattern on the weekly chart of DJIA:

The BFM Assets Team.