(DAILY NOTION): US30, NAS100, and SPX500 Closed Higher, Will This Trend Continue? Next Mover: New Covid-19 cases, U.S. Pandemic Relief Cheques

NASDAQ 100 (as of Dec 31, 2020 at 2.30 p.m.)

Source: Yahoo Finance

SPX 500 (as of Dec 31, 2020 at 2.30 p.m.)

Source: Yahoo Finance

US30 (as of Dec 31, 2020 at 2.30 p.m.)

Source: Yahoo Finance

After a lacklustre result, the three major indices on Wall Street managed to close higher. The US30 moved up 0.24%, the SPX500 rose 0.19% and the NAS100 gained 0.15%.

The US30 was lifted by higher energy and industrial sectors. Energy stocks received a boost from the higher oil prices after the Energy Information Administration (EIA) declined by 6.1 million barrels. The forecast was set at a 2.6 million decline.

News of AstraZeneca’s vaccine receiving approval for emergency use in the U.K. also boosted investor sentiment. The U.K. has since bought 100 million doses of the vaccine.

However, analyst Michael Kramer from Investing.com cited that the SPX500 could take a dip as suggested by the rising wedge pattern on the hourly charts these past few days.

There is also a cloud that still looms on the horizon. The approval of the increased amount of U.S. pandemic relief cheques still hangs on the balance, causing some jittery among traders.

On the final day of 2021, the world is still currently grappling with a resurgence of new Covid-19 cases. The U.S has since discovered two cases of the new Covid-19 variant and Britain could be heading into a third national lockdown. Will the New Year festivities bring a further rise in cases?

That being said, many uncertainties are on the cards as the world begins for a brand-new year that is unlike any other. What will the new year bring, one can't help but wonder? Here’s to hoping.

FOLLOWME User Sentiment (as of Dec 31, 2020 at 2.30 p.m.)

SPX500

Short – 77.00%

Long – 23.00%

NAS100

Short – 76.92%

Long – 23.08%

US30

Short – 75.99%

Long – 24.01%