Stimulus Package Extended.
The Dow gained marginally by 51 points today as the financial bailout fund is extended to October 2010.
Optimism returned to the market today as investors received word that the financial simulus package isn't going to end at the end of the year afterall. The $700 billion fund, which was due to end its work at the end of the year, was extended to October 2010. Many other nations also extended their economic stimulus plans in order to help this recovering economy stand firm.
This helped the Dow bounce right off its daily 30MA, which is its short term support level, intraday. However, there is still no signs of a return of short term bullish momentum from our short term indicators and I suppose it needs to build up over the next few days. This also makes the possibility of a topside breakout of this narrow short term neutral channel this week pretty remote.
For now, the Dow remains in short term neutral trend within an intermediate and long term bull trend.
Optimism returned to the market today as investors received word that the financial simulus package isn't going to end at the end of the year afterall. The $700 billion fund, which was due to end its work at the end of the year, was extended to October 2010. Many other nations also extended their economic stimulus plans in order to help this recovering economy stand firm.
This helped the Dow bounce right off its daily 30MA, which is its short term support level, intraday. However, there is still no signs of a return of short term bullish momentum from our short term indicators and I suppose it needs to build up over the next few days. This also makes the possibility of a topside breakout of this narrow short term neutral channel this week pretty remote.
For now, the Dow remains in short term neutral trend within an intermediate and long term bull trend.
Chart of Dow Made Using Telechart. Want Your Own Charting Software? Download FREE Now!
posted by Jason Ng at 5:48 PM
0 Comments:
Post a Comment
<< Home