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Dow Jones, S&P 500 and Nasdaq advanced as Pfizer announced that could have a coronavirus vaccine ready

Dow Jones, S&P 500 and Nasdaq advanced as Pfizer announced that could have a coronavirus vaccine ready

Concerns about sluggish economic growth amid the ongoing pandemic continue to dominate the financial markets. According to the latest news, drugmaker Pfizer could have a coronavirus vaccine ready in the United States by the end of this year.

The Dow Jones Industrial Average (DJIA)  and S&P 500 indices advanced on Friday while The Nasdaq Composite index weakened 0.4%.  All three indices advanced on a weekly basis and the focus in the US shifts to the upcoming presidential election on November 3.

S&P 500 up 0.19% on a weekly basis

For the week, S&P 500 (SPX) booked a 0.19% increase and closed at 3,483 points. The market reacted well to the news that Pfizer could have a coronavirus vaccine ready in the United States by the end of this year.

Data source: tradingview.com

As long the price is above this trend line this index is in the “buy” zone and there is no indication of the trend reversal. If the price falls on the trend line and if we get a “bullish” confirmation candle it would be a very good entry point for short-term traders who are trading with “stop-loss” and “take profit” orders.

The trend line represents a very strong support level, if the price breaks this trend line it would be a very strong “sell” signal and we have an open way to 3,200 points ( this is also a strong support level). If the price jumps again above 3,500 (short-term resistance level) that would be a confirmation of the “bullish” trend and the open way to 3,550 or even 3,600 points.

DJIA up 0.07% on a weekly basis

For the week, The Dow Jones Industrial Average (DJIA) booked a 0.07% increase and closed at 28,606 points.

Data source: tradingview.com

On this chart, I marked important resistance and support levels. The important support levels are 27,000 and 26,000 points, 29,000 and 30,000 points represent the resistance levels. If the price jumps above 29,000 points it would be a buy signal for Dow Jones Industrial Average (DJIA) and we have the open way to 30,000 points.

Rising above 30,000 points supports the continuation of the bullish trend and the next price target could be located around 30,111. On the other side, if the price falls below 27,000 points it would be a “sell” signal and we have the open way to 26,000 points.

Nasdaq Composite up 0.79% on a weekly basis

For the week, the The Nasdaq Composite (COMP) booked a 0.79% growth and closed at 11,671 points. It is important to say that S&P 500 and Dow ended positive on Friday while Nasdaq finished lower after a late afternoon sell-off.

Data source: tradingview.com

The trend line on the chart above represents a very strong support level, if the price breaks this trend line it would be a very strong “sell” signal and we have an open way to 10,000 points ( this is also a strong support level). As long the price is above this trend line and 10,000 points this index is in the “buy” zone and there is no indication of the trend reversal.

If the price jumps above the 12,000 resistance level that would be a confirmation of the “bullish” trend and the open way to 12,200 or even 12,500 points.

Summary

Dow Jones, S&P 500 and Nasdaq Composite advanced on a weekly basis and remain in a bull market. According to the latest news, drugmaker Pfizer could have a coronavirus vaccine ready in the United States by the end of this year. The US stock market is also supported by the fact the US President Trump and Congress have struggled to reach another stimulus deal.

The post Dow Jones, S&P 500 and Nasdaq advanced as Pfizer announced that could have a coronavirus vaccine ready appeared first on Invezz.

Source: INVEZZ

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