We were expecting a flat day for the market on Tuesday and historically, the day after the Presidential inauguration is bearish for stocks. We knew from our chart work over the weekend there could be higher prices ahead so yesterday’s pop was a bonus for the bulls.
The Dow added 62 points, or 0.5%, to close at 13,712. The blue-chips tested a low of 13,622 on the open but support at 13,600 which was prior resistance held. The index regained its footing just before Wall Street took lunch and traded progressively higher into the close. The index is just 65 points, or 0.5%, from triggering our mid-December fluff target of 13,777. (continued…)
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