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Bulls to Kick off 2021 in the Green

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Thursday’s close at all-time highs is seeing follow through this morning as futures traders continued the bullish tone overnight. While there was little news flow over the weekend, price momentum is in favor of the bulls, as the path of least resistance is to the upside.

The Georgia Senate runoff is due up tomorrow, so there are questions on how the market will react if the Democrats pull off a sweep. Traders should expect lower volumes today, as big money awaits that event.

S&P Futures Trading Levels

The S&P futures currently sits at 3765, trading just below the overnight highs, which have marked the new all-time highs.  

Support levels for the day will be 3762 and 3739.

Upside resistance is 3776 and 3814.

The current S&P trading environment is breaking out higher. The January effect could create a grind up situation that eventually becomes overbought. For now, the bulls aren’t stopping, but when they do, investors should be aware that the moving averages in the S&P are a long way down.

Three Stocks to Watch

TSLA- Tesla is trading up 3% after the company beat the streets estimates for 2020 vehicle deliveries. While there are questions on the stock’s valuation, the shareholders of hottest stock of 2020 seem to becontent buying at all-time highs.

GLD- Gold is on watch, breaking 2% higher overnight. Great start to the year as the futures contract has cleared the 50-day moving average. Gold ETF GLD is the easiest way for investors to enter the gold market, which is of interest due to government spending and the weak dollar.  

GBTC/Bitcoin– Bitcoin is another play on the weak dollar and ripped to all time highs of $34,000 over the holiday weekend. This morning we saw a violent pullback in Bitcoin futures, as it fell back below the $30k level. While Bitcoin isn’t for everyone, it has become accepted among the investment community as a hedge against inflation and the dollar.  

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