Dow Jones gained strong upside momentum amid broad rally in the equity markets, which was driven by falling geopolitical premium.
Unitedhealth Group, Disney, and Procter & Gamble were the only losers in the Dow Jones index today.
3M, which was up by 4%, was the biggest gainer in the index. The stock rallied as traders rushed to buy 3M shares after the strong pullback from February lows.
From a big picture point of view, traders were ready to buy the dip, and Trump’s comments ignited the rally. In the near term, geopolitical news will remain the key driver for stocks as they will determine the dynamics of oil markets.
From the technical point of view, Dow Jones attempts to settle above the resistance level at 46,300 – 46,400. If Dow Jones manages to settle above the 46,400 level, it will move towards the next resistance at 47,100 – 47,200.
On the support side, a move below the 46,300 level will push Dow Jones towards the support at 45,700 – 45,800. If Dow Jones declines below the 45,700 level, it will move towards recent lows near the 45,200 level.
For a look at all of today’s economic events, check out our economic calendar.