CDC updated its isolation recommendation
Today, on Wall Street, we saw a new record after a few months with SP500 above 4,800 for the very first time with more than 0.3% gain. At the same time, DJI gained 0.2%, and NASDAQ also is up by 0.45%.
While the Stock market increases, we can see US-10 year’s bond yields also decreasing and gold trading above 1810 USD with more than 0.2% gain. Also, we should not forget that coronavirus-infected cases are increasing to cancel thousands of flights all around the globe and close the Apple store in New York!
Among the different news in the market and increasing infected cases, the US Centers for Disease Control and Prevention (CDC) updated its isolation recommendation to five days from the previous guidance of 10 days.
The Centers for Disease Control and Prevention (CDC) shortened the recommended isolation time for Americans with asymptomatic cases of COVID-19 to five days from the previous guidance of 10 days, on Monday. This recommendation means that most canceled flights and closed shops can reopen and restart.
The Bull Rally seems to have enough strength and power, to continue its way and we do not have any sign that based on that can say it will slow down the momentum.
While CFRA Research data shows the S&P 500 has an average gain of 1.3% in the last five trading days of the year and the first two days of the New Year since 1969, we can see almost the same reaction this year and in these days as well.
From the technical point of view also it is moving in a clear uptrend. RSI at all H1, H4, and Daily charts move above 60 with increasing OBV trend line and market volume, to remain bullish tendency in all main charts. EMA's crossing strategy also remains bullish with 4,650 as its main support level in the mid-term. For the long term, 4,550 is the key support and any number above this level can hold the bulls in the market for a bit longer time.
