US tech stocks move above 21,000.00

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


The last review was done on October 08. In general, we remarked that a test of the high level range at 20,595.00/20,784.00 will take place, as the 50-day simple moving averages approaches. The index was finding support and consolidating near the moving average, as the US election results were revealed.

Trump's victory signals to the market that there will be both fiscal and monetary stimulus. The markets surged and the US tech stocks were no exception. The high level range at 20,595.00/20,784.00 was broken and by mid-November, the 21,000.00 mark was acting as support.

The ongoing surge could eventually encounter resistance in the 22,000.00 mark and the upper trend line of a broad channel up pattern. This pattern has guided the index since the start of 2023, when the current bull market started.

On the other hand, a potential decline is set to look for support in the 20,595.00/20,784.00 range and the ascending 50-day simple moving average. If these levels fail, note the 20,000.00 mark and the 200-day simple moving average.
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