Dow Rallies 1,500 Points After Midterm Election Results and Oil Price Drop
Major U.S. stock indices surged during the session as markets responded positively to the decisive midterm election results alongside a notable decline in crude oil prices. The DJIA led the rally, surging 1,524.43 points (+2.94%) to trade near 53,311.15. Meanwhile, the S&P 500 advanced 139.79 points (+1.85%) to 7,708.71, and the tech-heavy Nasdaq Composite gained 534.87 points (+2.11%) to reach 25,906.879.
Dow Jones Industrial Average
The Dow Jones Industrial Average is rallying sharply following the midterm election results, breaking forcefully higher off its dynamic support levels. A new higher high has been printed on the daily chart, indicating that there is a strong probability of bullish continuation to target new record highs, provided no immediate sharp reversal materializes. The index traded up 1,302.75 points (+2.52%) at 53,089.47, comfortably holding above its daily EMA 100 ($51,854.08) and daily EMA 200 ($50,700.78).
Palantir Technologies Inc. (PLTR)
Shares of Palantir Technologies Inc. (PLTR) have experienced a multi-session post-earnings correction, falling 3.03% during the session to trade around $170.08. Price action has moved sharply lower off its recent peak above $200 and is now testing key dynamic support levels. The share prices have almost reached the daily EMA 200 ($162.01) while remaining bound by the daily EMA 100 ($172.75). If bullish reactions occur or if share prices stall near this support level, traders could evaluate opportunities to add long positions with risk managed below recent swing lows.