US Congress’s green light on the $1.9 trillion relief package seems to have put stock markets back on track. This came in as half-expected on the technical side as the index bounced off the year-long bullish trendline on the daily chart.
From the hourly perspective, the breakout above the previous high (32050) has triggered a broader rally fuelled by short-coverings.
As the RSI shows signs of overheating, a limited pullback might attract more buyers. 32300 near the short-term trendline would be the support to watch for.
