US OPEN: Wall Street continue to move higher

3:08 PM March 26, 2020
• US jobless claims surged to a record levels
• Dollar index falls for the third day, US indices opened higher
• UnitedHealth (UNH.US) share price rose as company pushes self-collected coroanvirus test
 
The US dollar continued to depreciate for the 3rd straight session. Dollar index is trading around 100.2 after the disappointing data from the US labor market, which showed initial claims soared to an all-time high of 3.28 million, well below market expectations of 1 million.  This week US dollar was already weakening as investors remain very concerned about the spread of the coronavirus outbreak across the globe.

Despite the disappointing macroeconomic data the US indices opened higher in another volatile session as investors were already pricing in an increase in number of unemployed in the near future as the impact of the spreading pandemic remains uncertain.  Market sentiment was improved by the statement of treasury secretary Steven Mnuchin, who announced that ch US citizens should receive checks within three weeks.
S&P500 (US500) - despite bad data from the US labor market, the index still trades around significant support levels at 2505 pts. In case we see a break above this level, then S&p500 may be set to test the next major resistance at 2722.6 pts.  Source:xStation5.

FactSet (FDS.US) – The financial-information services provider reported better than expected quarterly earnings of $2.55 per share. These figure beats forcasts by 6 cents a share. Revenue was slightly lower than expected. The company also announced that will not update any financial guidance until its next quarterly results.
FactSet (FDS.US)- bounced off  the support at $229.32 per share and is currently testing key support at $237.70 per share. If the price manages to close above this level, then the upward movement may continue towards  next resistance at $253.51 per share.. Source: xStation5.

UnitedHealth (UNH.US) – The health-services company is introducing a new self-administer coronavirus test which could reduce the risk to health-care workers. The test calls for patients to swab their noses, drop the swab into test tubes, and hand the tubes back to the health-care workers.  Company advised that the Food and Drug Administration (FDA) has updated its guidance on self-administered testing to allow the nationwide use of self-administered tests.
UnitedHealth (UNH.US) –  is enjoying a strong run higher as investors hope its new tests will show effects in fighting coronavirus.. Stock reached major resistance level at $240.25 per share. If the bearish bias continues then stock may be heading for next target at around $267.80 per share. Support is located at $210.94 per share. Source:xStation5.
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