Will DJI rally next week after its biggest rebound since 2008? Previous Price Action looks to confuse traders and investors; since 2nd to 11th Mar Dow Jones Index been a falling knife at every intervention. President Trump may have chosen to declare national emergency to combat the Covid 19 just 30 minutes before the market close to catch the short sellers . He also caught the market by surprise by directing the US Energy Dept to purchase crude oil for the strategic petroleum reserves . The announcement triggered a wave to program short covering that lasted until the closing bell. Chances are short covering rebound do not last very long.
Come 17th Mar watch the futures before opening for directions;
Key Level : 23600 Resistance
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Federal Reserve cuts rates to near zero and launches massive $700 billion quantitative easing program
Markets responded negatively, with Dow futures pointing to a drop of 1000 points when the market opens Monday morning.