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James Hyerczyk
E-mini Dow Jones Industrial Average

March E-mini Dow Jones Industrial Average futures are trading higher late in the session as investors chased economy-linked financial and industrial stocks higher on the hopes that a Democrat-controlled Senate would lead to more fiscal stimulus and infrastructure spending.

Financials hit a 1-year high, while materials, industrial and energy sectors climbed over 1%. Bank shares jumped about 5%, tracking a sharp rise in the benchmark 10-year U.S. Treasury yield.

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At 20:19 GMT, March E-mini Dow Jones Industrial Average futures are trading 30728, up 443 or +1.46%.

One catalyst behind the strength in the Dow was the news that Democrats won one U.S. Senate race in Georgia and led in another, moving closer to a sweep in a deep South state that would give them control of Congress and the power to advance President-elect Joe Biden’s policy goals. A final outcome is not expected until later on Wednesday.

Daily March E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed early in the session when buyers took out the closing price reversal top at 30691. The main trend will change to down on a move through 29318.

The minor trend is also up. A trade through 29760 will change the minor trend to down. This will shift momentum to the downside.

The minor range is 29760 to 30912. Its 50% level at 30336 is the first support.

The short-term range is 29318 to 30912. Its 50% level at 30115 is additional support.


Daily Swing Chart Technical Forecast

The market is in a strong position heading into the cash market close. The key price level during the last hour of trading is 30285.

Bullish Scenario

A sustained move over 30285 will indicate the presence of buyers. Trading on the strong side of the 50% level at 30336 will also signal real buying pressure. If momentum continues to increase into the close then we could see another surge through the intraday high at 30912.

Bearish Scenario

Falling back below the previous top at 30691 will indicate the buying is getting weaker, or the selling a little stronger. The strong sign that the selling is greater than the buying will be a close under 30285. This will produce a potentially bearish closing price reversal top.

For a look at all of today’s economic events, check out our economic calendar.
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