2021 is set to be a cracker with the Trump impeachment going ahead after the Capital riots, the job market comes back into focus along with the role out of the vaccine hopefuls.
The House of Representatives are pushing ahead this morning with a vote impeach the President and to call on Vice President Pence to invoke the 25th amendment. Pence has made it clear however that he has no plans to do so.
Asian markets rose slightly in early morning trade on Wednesday after a very mixed U.S trading session. U.S Futures are looking optimistic this morning and edged up slightly while commodities start to gain favour again with the Oil market’s WTI reaching new highs.
The Wall Street 30 Technical Analysis
The jobs market comes back into focus this month after the dismal NFP number we saw last week which saw a much, much lower than expected number. Vaccine distribution and Biden stimulus plans should see the price action in Indicis move higher.
We are revising our target price higher on the Wall Street 30 (WS30) after our target price at 30480 was reached in December and this level could act as the next support level to price.
I do expect elevated levels of volatility over the near term which new traders should take into consideration while targeting higher price levels on the WS30 and other U.S Indices.
- The price action on the WS30 still in an uptrend on the 4H and Daily chart and needs to close below the 30016 support to negate the current uptrend.
- We could expect the price action to move lower to the 30774-support level and possibly lower before another push higher.
- The 50-day SMA (blue line) is pointing higher and might also act as support to price.
- The Relative Strength Index (RSI) is moving back higher to the overbought level.
Chart Source: Wall Street 4H Timeframe - GT247 MT5 Trading Platform
The outlook and levels might change as this outlook is released during the current days (Wednesday the 13th of January 2021) U.S Market open.
Sources – MetaTrader5, Reuters
Barry Dumas | Market Analyst at GT247.com
Barry has 12 years experience in the financial markets. He enjoys educating clients on trading / investing and providing punchy technical analysis on securities. He currently holds a Wealth Management qualification and is studying towards becoming a Chartered Market Technician® (CMT) designation holder.
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