Strong NFP report

I showed the chart below in the past and I commented that the pace of change in US private payrolls stabilized at a level consisted with expansions. Here is an updated chart - nothing is changed.

There are good chances that payrolls expand at a similar (or slightly lower) pace in the near future.

The acceleration of some economic indicators I was talking about here has very good chances of taking place and this bodes well for the whole economy and the stock market.

The intermediary term bull leg will, thus, reach higher levels. My guess is that the first stop on the daily chart is the 1400 level on the SPX. As I will show in a future post, technicals do not stand in the way of such a move.