The US stock market finished sharp higher on Wednesday, 07 October 2020, as investors chased for bottom fishing after President Trump walked back his comments that he wanted to wait until after the election to discuss a new stimulus deal and appeared to soften his stance on a further stimulus package for American households, airlines and small businesses.
The bargain buying in the Wall Street triggered after President Trump appeared to soften his stance on a further stimulus package for American households, airlines and small businesses. With P resident Trump calling the talks off yesterday and then walking back some of those comments today, investors feel that the chance of a deal before the election is slim.
Also boosting sentiments was the Federal Reserve meeting minutes from the most recent open market committee meeting which showed that official is concern about the lack of additional fiscal stimulus would jeopardize and economic recovery. While Fed official kept interest rates unchanged they did pledge in September to hold rates unchanged for several years. The meeting featured an extensive discussion about the economic outlook.
TREND : WEAK BULLISH
Time : 08/10/2020
Pivot : 1.1759
Technical View : LONG ABOVE 1.1779
Target : 1.1799, 1.1806, 1.1819, 1.1851
Technical View : SHORT BELOW 1.1739
Target : 1.1719, 1.1699, 1.1676, 1.1651