Dow Jones Index : Upbeat earnings, strong consumer confidence data 📈📈📈

Hello good day fellow traders!

📰Fundamentally,

Dow closes 500 points higher thanks to positive earnings and high consumer confidence numbers.

Following positive earnings reports from two bellwether companies that gave investors hope that corporate earnings might be better than expected despite a potential recession, stocks surged on Wednesday, rising for a second day.

Sam Stovall, chief investment strategist at CFRA Research, stated that "we got a little oversold and I think the market was looking for a reason to rally, and the Nike and FedEx number provided that." "However, I really wonder if this is something that will last a long time."

🤔On the technical front,

1.) Looking at the H4 chart, my overall bias for DJI is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Looking for a pullback buy entry at 32490.37, where the 38.2% Fibonacci line is.

2.) My stop loss is set at 31729.63, where the 50% Fibonacci line is.

3.) I intend to take profit at 34106.01, where the previous high / resistance is located.

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Buy Entry: 32490.37📈

Take Profit: 34106.01 💲

Stop Loss: 31729.63❌