Friday’s advance during the last few hours of the trading session was spectacular, with the Dow Jones Industrial Average surging from around 30760 to a little more than 31500 after a strong US jobs report, marking the first day of a new stock rally attempt after a damaging selloff in the days prior. Today the bulls will need a follow-through day to confirm the new rally attempt. The key support level going forward is the 200-period moving average around the 31400 level and an hourly close above 30720 is needed to trigger further upside.
Support: 31470 / 31400 / 31300
Resistance: 31600 / 31720
