US stocks surge sharply in early trading on optimism that politicians in US are close to getting a deal on another coronavirus stimulus package.
House speaker Nancy Pelosi told CNBC, “I think there is real optimism that we could get something done in the next few hours.” “Overarchingly, I think we are getting to a good place, if they stay there.”
Senate Majority Leader Mitch McConnell said “at last I believe we’re on the five-yard line. It has taken a lot of noise and a lot of rhetoric to get us here. Despite all of that we are very close.”
DOW is currently up from than 1400 pts or 7.6%, and it’s now flirting with 20000 handle again. But major focus for the near term is 20531.26 resistance. Break will confirm short term bottoming, on bullish convergence condition in hourly MACD. In that case, further rise could be seen back to 38.2% retracement of 29568.57 to 18213.65 at 22551.22.
