US stocks have had a very tepid open to the upside as investors watch proceedings in the US House of Representatives this Wednesday. The House is set to vote on articles of impeachment against US President Donald Trump, following allegations that he incited the storming of the US Capitol last week, leading to 5 deaths.
The Dow Jones Industrial Average is up a modest 0.05%, as the market continues to struggle to gain further upside momentum to breach the all-time highs achieved on Friday. President Trump has less than a week to stay in office, and a Senate trial of impeachment is not likely to conclude before Trump’s tenure runs out on January 20.
Technical Levels to Watch
31158 continues to serve as the initial resistance, with the record high at 31261 remaining the record high to beat for buyers. The price action on the daily chart is starting to resemble a bullish pennant. A breakout resolution to the upside could help buyers transcend the resistance barriers and attain new highs.
On the flip side, a retreat and breakdown of the pattern could target 30358 initially, with 30101 and 29842 serving as downside targets. 29255 and 28979 also serve as additional targets to the south.
Don’t miss a beat! Follow us on Telegram and Twitter.
Dow Jones Daily Chart
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Eno on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.