Stock market sharply higher after ADP report

The stock market are getting optimistic after major miss in ADP data where the report show -32k job vs. 5k increase. It is a major indication that the next job report will show similar trend to the ADP report and might push the Fed to save the job market. A rate-cut now widely expected, and the stock market is trending higher. Traders will continue to ride the current bullish wave and prepare for reactions after next week FOMC meeting.

Dow Jones Industrial Average (INDU)

DJIA index continue building bullish pressure and soon will test the previous swing high. As the momentum continue to be strong, we could expect a new record high printed soon. No change to the bullish outlook, but traders will stay cautious ahead of the FOMC meeting next week. On the upside, 49,000 & 50,000 are the targets to watch.

United Parcel Service, Inc (UPS)

UPS share prices stick near the daily SMA 200 and looks making bullish attempt. A strong breakout above the level will confirm the start of a new bullish trend. On the upside, gap close at $101.28 will become the first target to watch. Above the level, there is $106.46 – $109.40 area to watch as resistance area. When there is bearish correction, $98.27 – $100.00 will become the area to look for long positions.