The Dow Jones Industrial Average is soaring after Pfizer (NYSE:PFE) announced that its COVID-19 vaccine has a 90% efficacy rate, and President Trump refuses to concede, there is no President-elect. Thursday, the Trump Fed announced that it will do whatever it takes to bolster the economy.
Last week’s action
Another gap and move higher has the PHLX Semiconductor Sector (SOX) at a new high and the NAS Comp at the October high.
The S&P 400 and Russell 2000 Index (RUTX) are strong too.
The USD and Treasury yields are dropping, gold is surging.
After 5 strong days the stock indices are in familiar territory. The NAS Comp is at the October recovery high, while the S&P 500 at the same marks. The SOX spiked to a new high and gapped over the prior high.
The mid-caps broke the October highs. The RUTX took out its October high and, as with the S&P 400.
As these were huge moves that negated oversold conditions. The market is hot.
This week’s action so far
Dow futures are up over 1500 pts at this writing day as the rally extends on Pfizer’s COVID vaccine efficacy announcement, and Donald Trump’s refusal to concede the election as he launched a nationwide investigation on voter fraud.
Last week the DJIA increased 4 days running, and paused Friday, despite an announcement that unemployment fell to 6.9% nationally.
HeffX-LTN’s overall technical outlook for the benchmark US stock market indexes is Very Bullish in here.
Pay attention, this market is volatile, take what it gives.
Have a healthy week, Keep the Faith!