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Monday, June 21, 2021

Stocks move higher as Biden contemplates corporate tax strategy

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Dow is moving back toward unchanged

The US stocks have moved higher helped by a Washington Post report that Pres. Biden may back a 15% tax floor instead of a 28% corporate rate.  The markets like that idea and have pushed the Dow industrial average back toward unchanged on the day.  

Technically, the Dow fell down to test its 100 hour moving average in the first hour of trading. Buyers leaned against the moving average level at 34319.21. The low price reached 34443. The recent push higher has taken the price back above its 50 hour moving average at 34486.15. Stay above that moving average is more bullish technically.

Dow industrial average

The NASDAQ index has also moved to a new intraday high although it is still lower by 96 points or -0.7% at 13660.22.

The S&P is also trading at intraday high of the 4197.87. It traded as low as 4167.93. 

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