Flash PMI indices for the month of May from the United States have been released just a moment ago. After upbeat readings from European countries, the data from the US surprised to the upside as well. US PMI indices rose compared to April’s figures, but also climbed above analysts’ expectations. The data is truly stellar - every PMI index from the US climbed to record levels.
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Manufacturing PMI for May: 61.5 (vs expected: 60.2) - highest level in history
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Services PMI for May: 70.1 (vs expected: 64.5) - highest level in history
US500 has been testing the area near 4,175 pts before PMI data. As one could notice on the chart above, this threshold seems critical for now (see double top pattern marked with 2 arrows). The index fell slightly after the release, but the move towards all time highs (area above 4,230 pts) could still be on the cards. On the other hand, 4,142 pts level, which coincides with the 23.6% Fibonacci retracement of an upward impulse started on May 13, might be considered the first support. Source: xStation5
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