The US100 is retreating just below 22000 points today, after a strong rally on Tuesday, Christmas Eve. The growth was driven by technology companies. Strong increases were visible, m.in, on Apple. The company's shares rose more than 1% on Tuesday and the company's capitalization exceeded $3.9 trillion. Shares of companies in the semiconductor sector also rose strongly as an investigation was launched against Chinese processor companies. According to a White House statement, the investigation aims to investigate "activities, policies and practices" related to the production of components used in semiconductor manufacturing. The authorities justify the move by fearing that China "routinely uses market-incompatible policies and practices and deliberate industrial support." However, the investigation can also be seen as a political response to the recently launched antitrust proceedings against Nvidia in China.
The US100 retraces slightly after gains during the Asian session. However, since the rollover that took place after the Fed's decision (when we also had a strong correction), the US100 and US500 have managed to increase by about 2.5%. This means that the Santa Claus Rally has entered a key phase and the previous declines have been fully neutralized. The nearest resistances are around the historical highs at 22150 points and then at 22400 points at the 138.2 retracement. On the other hand, support is at 21500 around the 113.0 retracement area.
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