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DOW recovers as investors shrugged off new Covid strain concerns – DOW JONES Market Outlook – 22/12/2020

SquaredFinancial

The Dow hit a low at 29420 as we signaled for a short entry at 30235 and sentiment got hit by the latest Covid news, only for the index to make its way back to 30235 as investors decided to set their eyes on a profitable 2021 with the US in full on stimulus mode, passing a 7 day stopgap funding bill along with the second biggest relief package in U.S. history ($900B) which got bundled with a $1.4T in regular government funding and a side of tax breaks for businesses. Technically, an hourly close above 30120 (coinciding with 200 period SMA) will favor further upside with 30235 as closest resistance target.

Support: 30000/ 29900
Resistance: 30235/ 30300 / 30400

SquaredFinancial Daily Market Outlook


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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/dow-recovers-as-investors-shrugged-off-new-covid-strain-concerns-dow-jones-market-outlook-22-12-2020
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