The leading US equity index closed higher to mark the end of a rather volatile year.
The S&P500 index closed at 3759, following a steady grind higher.
The markets, in general, have been following in sync. Investors ignored the developments in the US Congress on the stimulus checks, which had been put on hold by the Republicans.
With the S&P500 index now pushing higher, there is further room to grow.
The Volatility Index or VIX remains close to flat, trading near the 22.8 level.
To the downside, the declines will likely stall near the previous swing high of 3674. As long as the support here holds, we could expect to see renewed buying pressure.
However, a close below 3674 could open the way for a decline to the 50-day moving average near 3597.
The confluence of the moving average along with the previous swing high from 3rd September at 3588 could keep a lid from the index posting further declines.