US President-Elect Joe Biden outlined his USD 1.9T fiscal package a the remarks from Delaware overnight. The package include USD 1T in direct relief to households, with stimulus checks for USD 1400 on top of the USD 600 checks in last congressional stimulus. USD 440B will be used for small business and communities. USD 415B will be used on virus responses and vaccine rollouts.
Stock markets had very little reactions. DOW traded in very tight range and closed down -0.22%, or -68.95 pts, at 30991.52. There is no change in the near term bullish outlook with 29881.82 support intact. We’re expecting another rise, sooner or later, to 61.8% projection of 18213.65 to 29199.35 from 26143.77 at 32932.93.
