Stock market trading upward after Trump announced treasury secretary

Trump’s pick Scott Bessent as Treasury secretary which is well received by the market. DJIA index advanced with 400 points gain while the S&P 500 was up 50 points and the Nasdaq up 200 points. The current bullish movement reached a new record high again and might not stop until the end of the week. Under the current situation, there is no change to the bullish strategy where traders will wait for a drop in the stock market to add more long positions.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continue the bullish movement and reached a new record high today. The bullish movement might continue until the end of the week. Nothing has changed as the index continues printing new record highs and higher swing lows. If the index starts another bearish correction, traders could observe the reaction near the trendline if the index manages to reach it.

Molson Coors Beverage Company (TAP)

TAP share prices are in a bearish correction phase after rallying below the daily SMA 200. They might continue the downward movement to test the daily SMA 200. Traders could use the area shown on the chart and the daily SMA 200 as a place to add long positions when there are bullish reactions. We expect the share prices to continue their bullish movement to target a new higher swing high.