Stock futures are trading flat this morning but are still poised to record another big weekly gain, continuing its longest winning streak since October. Early trading saw a slight increase of 0.1% after setting a 19th all-time high on Thursday. This would be the third straight week of gains, a first in six months. Jerome Powell spoke this week on how the Federal Reserve was looking for “actual progress’ rather than “forecasts” for progress toward the central banks employment and inflation goals. He also reiterated that they would like to see a “string of moths” with a strong job report before considering a pull back on its current asset purchase policy. Last week had seen an increase of non-farm payrolls of 916,000 in March, the fastest growth since August.
Support today is 408000 and 406500 with resistance showing 410500 and 411500.