DailyMarketUpdate

Can we get much higher? πŸ•Ί

Long
CBOT_MINI:YM1!   E-mini Dow Jones ($5) Futures
With the Dow Jones Industrial Average reaching the target-box, the market jumps more than 400 index points in today's trading, while investors' hopes over the country's next coronavirus stimulus increased.
Senate Minority Leader Chuck Schumer claimed that there is a "good chance" of reaching the agreement on the bill in the Senate, asserting the Republicans may "come around" to overcome differences between the two sides on the country's fourth aid package. This aligns with our technical analysis , in which we at least expect a corrective bounce towards the area of 28430 – 28764 points. Hear the bears will have another chance to take over and push the Dow back down to new lows between 26769 – 26231 points. However, this only represents our alternative scenario, which we currently give a probability of 36%. Over 28764 points, this scenario becomes unlikely.
In summary:
After reaching the target-box, we expect the market to climb back up in both scenarios. Over 28764 points and finally 29559 points, the way towards 30500 points is paved.

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Stay sharp and happy trading!

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