U.S. stock market bulls regain solid power at mid-week

Global stock markets are in full rally mode at mid-week as traders and investors have pushed aside earlier concerns about the coronavirus outbreak in China significantly denting world economic growth. U.S. stock indexes are at or near their record highs. As is many times the case, an unexpected shock to the marketplace is initially deemed by traders as being close to a worst-case scenario and market prices react accordingly. Then, such turns out not to be the case, as is apparently so with the coronavirus outbreak. The U.S. stock index bulls are right back in business and the e-mini S&P bulls are looking for a fresh leg up in prices in the near term—if they can push prices above chart resistance at the present contract high. On a side note, U.S. stock market traders this week are buzzing about the stock price of Tesla, which has soared around 50% since the beginning of January. Some pessimistic stock market watchers are calling Tesla’s move a euphoria that can signal the top in a stock market rally. Stay tuned!–Jim