The Dow Jones, S-P 500 and Nasdaq rose on a weekly basis and are still in a bull market.

0

US stock indices had their best weekly percentage gains since the week ending April 10
This week the Dow Jones rose 6.9%, the S&P 500 7.3% and the Nasdaq 9%.
Joe Biden won the presidential election and became 46th President of the United States

Joe Biden won the presidential election in his native Pennsylvania on Saturday and will become 46th president. 290 voters voted for him, which is more than enough to conquer the White House and deny President Trump a second term.

Donald Trump said there is evidence of fraud in several of the key states to be presented to the courts, but that won’t change anything according to political analysts. U.S. stock indexes had their best weekly percentage gains since the week ending April 10.

This week the Dow Jones rose 6.9%, the S&P 500 7.3% and the Nasdaq 9%, making it the fifth consecutive earnings session. The US reported on Friday on the employment situation in October, the country created 638,000 new jobs, which is slightly better than expected.

The unemployment rate fell from 7.9 to 6.9% while the employment rate rose from 61.4% to 61.7%. The US stock market is also supported by optimism about the prospect of a split Congress and a lower risk of major policy changes.

On the other hand, financial markets continue to be dominated by concerns about sluggish economic growth amidst the ongoing pandemic. The US reported over 100,000 new cases in one day, and the pandemic brought US hospitals to the brink of capacity.

S&P 500 increases by 7.3% per week

This week, the S&P 500 (SPX) rose 7.3% to close at 3,509 points.

Data source: tradingview.com

On this diagram I have marked important resistance and support levels. The important support levels are 3,400 and 3,200 points, 3,600 and 3,700 points represent the resistance levels. If the price jumps above 3,600 points, this would be a buy signal for the S&P 500 and we have the open path to 3,650 points.

A rise above 3,700 points supports the continuation of the uptrend, and the next price target could be around 3,800. If the price on the other side falls below 3,400 points, this would be a “sell” signal and we have the open path to 3,200 points.

DJIA up 6.9% on a weekly basis

This week the Dow Jones Industrial Average (DJIA) rose by 6.9% and closed at 28,323 points.

Data source: tradingview.com

On this diagram I have marked important resistance and support levels. The important support levels are 27,000 and 26,000 points, 29,000 and 30,000 points represent the resistance levels. If the price jumps above 29,000 points, this would be a buy signal for the Dow Jones Industrial Average (DJIA) and we have the open path to 30,000 points.

A rise above 30,000 points supports the continuation of the upward trend, and the next price target could be around 30,500. However, if the price falls below 27,000 points, this would be a strong “sell” signal and we have an open path to 26,000 points.

Nasdaq Composite up 9% on a weekly basis

The Nasdaq Composite (COMP) gained 9% on a weekly basis and closed at 11,895 points. As long as the price is above 10,000 points, this index remains in the “buy” zone, but if the price falls below 10,000 points, this would be a strong “sell” signal and an indication of a trend reversal.

Data source: tradingview.com

On this diagram I have marked important resistance and support levels. The important support levels are 11,000, 10,500 and 10,000 points, 12,000 and 12,500 points represent the resistance levels. If the price jumps above 12,000 points it would be a buy signal for the Nasdaq Composite and we have the open path to 12,200 points.

A rise above 12,500 points supports the continuation of the uptrend, and the next price target could be around 13,000. On the other hand, if the price falls below 11,000 points, this would be a “sell” signal and we have the open path to 10,500 points.

Summary

The Dow Jones, S&P 500 and Nasdaq Composite gained on a weekly basis and are still in a bull market. Joe Biden won the presidential election in his native Pennsylvania on Saturday and will become the 46th President of the United States. Donald Trump said there is evidence of fraud in several of the key states to be presented to the courts, but this will not change anything according to political analysts. The US reported on Friday on the employment situation in October, the country added 638,000 new jobs and the unemployment rate fell to 6.9%.

Share.

Leave A Reply