Sat, May 08, 2021 @ 22:54 GMT
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DOW hit record as Congress passed stimulus package, targets 33k

DOW hit near record high overnight, with help from retreat in bond yields, as well as passage of the USD 1.9T economic stimulus package. The bill was parted in the House by 220 to 221, after going through the Senate with 50.49 on Saturday. The bill will now head to the White House for signature of President Joe Biden.

DOW closed up 1.46% or 464.28 pts at 32297.02. The bullish outlook was retained after drawing support form 55 day EMA earlier. It’s also staying well inside near term rising channel. The up trend is on course to 61.8% projection of 18213.65 to 29199.35 from 26143.77 at 32932.93.

As there is no clear sign of upside acceleration for now, we’d be cautious from strong resistance from this projection level. But still, break of 30547.53 support is needed to indicate topping. Or outlook will remain bullish.

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