US stocks reach 6,000.00 mark

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Before the US elections, we noted that the US stocks have surged in a channel up pattern. The pattern was broken, as initially the stocks consolidated a week before elections and just before the event risk off sentiment came in. Namely, markets closed stock positions, hedged with options, futures etc... and brought the index down to 5,700.00.

After the US elections, it was clear that there will be fiscal and monetary stimulus in the US. Stocks surged and by November 11, the 6,000.00 mark was hit. The new and round all-time high level is acting as a minor resistance. In general, we do not expect it to hold. It is seen more like a resting and exhaustion point after the election surge went almost vertical.

Resumption of the ongoing surge is set to face resistance in round levels, as it has done before. In due time, the index will reveal a new pattern, which will most likely be part of the broader channel up pattern. However, note that the upper trend line of the large scale pattern might act as resistance near 6,100.00.

Meanwhile, a decline of the index might look for support in the 5,900.00, 5,800.00 and 5,700.00 levels and the 50-day simple moving average.
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