The Dow Index hit our target at 32570 climbing as high as 32660 powered by a rally in technology stocks and by Biden’s USD1.9 trillion stimulus package. Moreover, on the futures market this morning it looks like equity indices are hanging onto gains despite the US10yr yield spiking back above 1.58% after falling to 1.475% overnight. Sentiment is also boosted by the US jobless claims data suggesting a recovering labor market, however from a technical perspective, failure to print higher than the 32610 resistance level may trigger profit-booking pushing the Dow Jones lower to the 50-period moving average around 32296 ahead of US producer prices at 1330 GMT.
Support: 32296 / 32140 / 32015
Resistance: 32610 / 32800
