US stocks surged broadly overnight as inflation data solidified a pause at today’s FOMC rate decision. NASDAQ extended its near term up trend to close at the highest level in 13 months. For now, near term outlook will stay bullish as long as 13089.48 support holds. Next target is 161.8% projection of 1088.82 to 12269.55 from 10982.80 at 14511.22.
DOW also made notable progress by breaking 34257.83 resistance, even though it could close above the level yet. Near term outlook will stay bullish as long as 55 D EMA (now at 33419.74) holds. Next target is 61.8% projection of 28660.94 to 34712.28 from 314289.82 at 35169.54. Sustained break there could prompt upside acceleration to retest 36952.65 record high.
