Major US stock indexes closed higher after the Food and Drug Administration (FDA) granted full approval to the Pfizer-BioNTech’s COVID-19 vaccines. Pfizer shares also rose 2.4% while BioNTech stock rose 9.5%. Another vaccine maker Moderna also rose 7.5%. Both S&P 500 and NASDAQ closed at new record highs.
The notable support from 55 day EMA in NASDAQ once again reaffirmed its near term bullishness. The index should be on track to 61.8% projection of 10822.57 to 14175.11 from 13002.53 at 15704.4, probably later this week. Sustained break there could prompt some upside acceleration to next target at 100% projection at 16355.1. In any case, outlook will stay bullish as long as 14423.2 support holds, even with an initial rejection by 15k handle.
