Stocks Rebound sharply as Wall Street Attempts to Recover Post-Election Losses
U.S. stock benchmarks pushed significantly higher during the session as buyers stepped back into the market, driving indices upward to recover a major portion of the post-election slump. The DJIA gained 1,203.10 points (+2.35%) to trade near 52,488.83. Meanwhile, the S&P 500 rose 182.23 points (+2.47%) to 7,559.09, and the tech-heavy Nasdaq Composite jumped 690.583 points (+2.81%) to settle near 25,270.008.
Dow Jones Industrial Average
DJIA index is moving higher, erasing part of the post-election slump. The index traded up 1,104.79 points (+2.15%) to 52,390.52, pushing back above its daily EMA 100 ($51,852.34). Despite the strong session bounce, the overall market bias still points to the downside. Traders will treat the current upward movement as a corrective move for now while watching whether momentum can sustain. On the upside, as long as there is no movement above the post-election candle high, then the outlook still bearish.
The Home Depot, Inc. (HD)
Shares of The Home Depot, Inc. (HD) are pressing to the upside. If share prices break out higher above these immediate horizontal resistance levels, then the broader bullish trend will be officially set for a continuation toward higher targets. On the lower side, should the daily EMA 200 ($332.16) and daily EMA 100 ($322.20) will act as primary dynamic support levels to keep the upward structure intact.