Plan D : Cut below 26195.

Overnight stateside, the Dow surged 527.24 points to close at 26,29.89 while the S&P 500 gained 1.4% to end its trading day at 3,122.87. The Nasdaq Composite advanced 0.8% to 9,682.91. Wednesday’s gains led the Dow to a three-day winning streak while the S&P 500 notched its first four-day winning streak since early February. 

The moves on Wall Street came as a Wednesday report from ADP showed private payrolls stateside falling by 2.76 million in May — much less than the 8.75 million expected from economists surveyed by Dow Jones.

“The notion that the worst of the Covid-19 economic slump may well be behind us gained credence over the past 24 hours with encouraging data releases from China, Europe and the US,” Rodrigo Catril, a currency strategist at National Australia Bank, wrote in a morning note.

Stocks rose on Tuesday and Wednesday despite concerns about the global Covid-19 pandemic, brewing U.S.-China trade tensions and protests sparked in part by the death of George Floyd in Minneapolis.

Thursday’s forthcoming update to the U.S. unemployment claims threatened to keep the week’s optimism in check.

The Department of Labor is scheduled to release the latest update to initial jobless claims at 8:30 a.m. ET Thursday morning. Though economists polled by Dow Jones expect the government to announce yet another deceleration in the pace of claims, the consensus estimate predicts another 1.8 million Americans filed for insurance during the week ended May 30.

Plan A : Short is market failed to support above 3107.25. Targets are 3080.25, 3058.50 and 3035.75.

Plan B : Long if market retraced but supported firm above 3087.25. Targets are 3110.50, 3129.75 and 3153.25.

Plan C : Short if market failed to rebound and stay below 3087.25. Targets are 3061.25, 3039.25 and 3010.75.
 

As of Wednesday afternoon, the Nasdaq Composite was about 1.4% from its February all-time high at 9,817.18. On top of that, a bullish ‘golden cross’ has formed in the index, where the 50-day moving average rises above the longer-term 200-day line, with this relatively rare event marking the point where a shorter-term rebound morphs into a longer-term uptrend, according to chart watchers.

The Nasdaq 100 Index, which tracks the 100-largest non-financial companies in the Nasdaq Composite, rose 0.5% to close 0.3% below a record set on Feb. 19. The index has rallied more than 43% from an intraday low set on March 23. 

The Nasdaq had marked the fastest entry to a bear market, defined as a decline of at least 20% from a recent peak, on record, spanning 16 trading sessions, according to Dow Jones Market Data. Now, the Nasdaq in its 73rd day from its previous high, is on pace for its second-fastest recovery after entering a bear market since March 2009.

To be sure, gains in technology have been concentrated in a handful of names, including so-called FAANG names, like Facebook, Amazon.com Inc. , Apple Inc., Netflix and Google parent Alphabet, which have been seen as more resilient, and even benefiting from, to stay-at-home orders that had been in place to curb the deadly contagion.

The rise in those large-capitalization stocks have helped push the market higher.

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Plan A : Short if market failed to support above 9662.25. Targets are 9620.50, 9588.25 and 9552.50.

Plan B : Long if market retraced but supported firm above 9615.25. Targets are 9643.25, 9677.75 and 9705.25.

Plan C : Short if market failed to rebound and stay below 9662.25. Targets are 9632.25, 9600.25 and 9562.25.

HSI

Hong Kong stocks tracked gains in other markets to end at a near three-week high on Wednesday, as hopes of more stimulus measures and further easing in coronavirus-led curbs around the world offset caution over U.S.-China tensions.

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Plan A : Short if market does not breach above 26289. Targets are 26244 and 26189.

Plan B : Cut above 26335.

Plan C : Continue to long if market stays firm above 26239. Targets are 26285 and 26340.

At the close of trade, the Hang Seng index was up 329.68 points, or 1.37%, at 24,325.62, its highest since May 21.