The main stock market Indices had a strong session on Tuesday as Treasury yields backed off a bit. Dow Jones hit a record high before backing off with expectations that The House will pass the vote for the $1.9 trillion Biden stimulus bill on Wednesday. Technically speaking, the price made a new historical high, reaching the 32180.0 level. At the moment it looks like this bullish move needs some space to breathe, as the price started to lose some momentum at the upper channel line. We expect a bigger degree bearish pullback to take place, with a chance to find some support around the 30k level. If that area is breached, we anticipate the momentum to increase and continue towards our first target in order fill the GAP created at the beginning of November. Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move
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The bullish momentum is still strong in every timeframe. No signs of a reversal. If the price breaks the support area together with the trendline, followed by a pullback, then the reversal is on the cards. It may take a while, but until then stay away from shorting it. Trade with care!
Hey mate, very nice work! This definitely brings me some hope, since I have a sell DOW around 30k. :)
What do you think about the correction? Is it about the happen or is too yearly? :) :)
Thanks!
financialflagship
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@ELMANTEC thank you for your nice words. 🙏 We expect this correction for a while now, but at the moment the market is extremely bullish. We may have a chance to see it starting next week, but we need a strong counter trend impulse and a pullback as a first confirmation. When will we get it? Remains to be seen. we expect it to happen sooner rather than later. Cheers mate!👍
ELMANTEC
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@financialflagship, Thanks for the reply! I'll definitely keep following that idea and your updates on it.
Best regards!