Strong job report and rebound in oil prices push the major indices higher. S&P 500 index closed at 2055, up 3.03%. Dow Jones Industrial Average gained 3.84%, while Nasdaq composite index increased 2.35%.
While the surge of major indices is very impressive, it only pushes S&P 500 index near the top of the trading channel between 1988 and 2064 since the beginning of the year that we have discussed last week. The index has to break the top of the channel in order to continue this multi-year bull market. As daily momentum is on the positive side, we shall see if the index can break and stay above the 2064 resistance level next week.
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| Weekly chart of S&P 500 Index |
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