Dow Jones 30 Technical Analysis
The Dow Jones 30 has rallied rather significantly during the day as well, and we are now well above the 200 day EMA. The 43,000 level is an area I’ll be watching for potential resistance. And of course, short-term pullbacks could offer buying opportunities in this market, but we jumped right out of the gate and took off. So, I think at this point in time, we may see a bit of a melt up but eventually those do pull back and you have to look at pullbacks as your opportunity.
S&P 500 Technical Analysis
The S&P 500 has broken above the 5,800 level, which, of course, is a psychologically important figure in an area where traders will be paying close attention. After all, it was previous support and resistance, so market memory dictates that it should be important. Short-term pullbacks see support there as well as the 5,700 level underneath. Again, this is a pretty emotional reaction, and it does look like more momentum is piling into the market to make it melt higher.
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