U.S stock futures boosted after better than expected job data

The economic recovery play will continue as more data is released and the Fed has confirmed tapering. Today job data show an increase of 531k vs 455k expectation. The unemployment rate also fall to 4.6% compared to the 4.7% expectation. Despite the situation, the Asian stock market closed mostly lower caused by China’s real estate crisis. European stock market mostly flat but slowly trading upward after the U.S job data release.

Traders will expect the current bullish movement to continue as economic recovery optimism build up.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index hanging at the record high and will target a new record high. At the current time, the index has printed five consecutive bullish closes and might be prime for correction. It is a straight bullish move since October, 13. If a bearish correction happens then the index might target daily SMA 50 & 100.

Marsh & Mclennan Companies (MMC)

MMC share prices make a bearish correction after reaching the $171.13 high. The share prices currently trading near the daily SMA 50 where it might find support. Traders could use the averages to enter long positions when there is a bullish reaction. However, there is a possibility that the price could continue lower to target the daily SMA 100.