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What lies in store for the S+P 500 after a record closing week on Friday

Following on from earlier updates, noting the records set in the Nasdaq 100 on Friday, it should be noted; that the S+P 500 reached a new milestone too. The index rose to a new record high at 5,140 and later closed with a new record daily and weekly close, at 5,137. Right now the S+P futures are not much removed from that record close, but this week there are some key events to greet the price action. We have the service sector ISM index tomorrow (3pm), the ADP private payroll report (1.15pm GMT) and JOLTS data (3pm GMT) on Wednesday, followed by the Fed boss, Jerome Powell testifying that day. Then on Friday we get the US February monthly jobs report at 1.30pm GMT. So, right now the S+P 500 continues to grab a lift from the tech sector and the Nasdaq 100. The question is; where will be index be by the close on Friday? Right now it looks like it could easily set another record weekly close, but technically there is resistance in place around the 5,150 level. That was noted here last week. The RSI at around 70 (14 day) is not a barrier though, so we shall see how this plays out later today and as the week unfolds.

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