Dow Jones, S&P 500 and Nasdaq advanced as Pfizer announced it may have coronavirus vaccine ready

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  • Pfizer could have a coronavirus vaccine ready in the US by the end of this year

  • Dow Jones, S&P 500 and Nasdaq Composite remain in bull market

  • In the United States, attention is on the upcoming presidential election on November 3

Concerns about sluggish economic growth amid the ongoing pandemic continue to dominate financial markets. According to the latest news, drugmaker Pfizer could have a coronavirus vaccine ready in the United States by the end of this year.

The Dow Jones Industrial Average (DJIA) and S&P 500 indexes rose on Friday while the Nasdaq Composite index weakened 0.4%. All three indices have been advancing on a weekly basis and attention in the United States is shifting to the upcoming presidential election on November 3.

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S&P 500 up 0.19% on a weekly basis

For the week, the S&P 500 (SPX) registered a 0.19% increase and closed at 3,483 points. The market has responded well to news that Pfizer may have a coronavirus vaccine ready in the United States by the end of this year.

Data source: tradingview.com

As long as the price is above this trend line, this index is in the “buy” zone and there is no indication of a trend reversal. If the price falls on the trendline and we get a “bullish” confirmation candle, this would be a very good entry point for short-term traders who trade with “stop-loss” and “take profit” orders. “.

The trendline represents a very strong support level, if the price breaks this trendline it would be a very strong “sell” signal and we have an open path towards 3200 points (this is also a strong support level. ). If the price jumps again above 3,500 (short term resistance level), this would be a confirmation of the “up” trend and the open path at 3,550 or even 3,600 points.

DJIA up 0.07% on a weekly basis

For the week, the Dow Jones Industrial Average (DJIA) was up 0.07% and closed at 28,606 points.

Data source: tradingview.com

On this chart, I have marked significant resistance and support levels. Important support levels are 27,000 and 26,000 points, 29,000 and 30,000 points represent resistance levels. If the price jumps above 29,000 points it would be a buy signal for the Dow Jones Industrial Average (DJIA) and we have the way open at 30,000 points.

A rise above 30,000 points supports the continuation of the uptrend and the next price target could be around 30,111. On the other hand, if the price falls below 27,000 points, it would be a “sell” signal and we have the way open at 26,000 points.

Nasdaq Composite up 0.79% on a weekly basis

For the week, the Nasdaq Composite (COMP) recorded growth of 0.79% and closed at 11,671 points. It is important to say that the S&P 500 and the Dow ended positive on Friday while the Nasdaq finished lower after a sell-off in the late afternoon.

Data source: tradingview.com

The trendline on the chart above represents a very strong support level, if the price breaks that trendline it would be a very strong ‘sell’ signal and we have an open path towards 10,000 points (that’s is also a strong support level). As long as the price is above this trendline and 10,000 points, this index is in the “buy” zone and there is no indication of a trend reversal.

If the price jumps above the resistance level of 12,000, this would confirm the “up” trend and the open path at 12,200 or even 12,500 points.

Résumé

Dow Jones, S&P 500 and Nasdaq Composite advanced on a weekly basis and remain in a bull market. According to the latest news, drugmaker Pfizer could have a coronavirus vaccine ready in the United States by the end of this year. The US stock market is also supported by the fact that US President Trump and Congress have struggled to strike another stimulus deal.

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