The action on Wall Street has been moderate, with the U.S. indices trading to the green early on. For the first half-hour of trade, the DJIA DOW (+57), S&P 500 SPX (+6), and NASDAQ (+6) are above scratch. Prices remain in the neighborhood of all-time highs as equities players continue to digest Wednesday’s FED rate cut.

On the economic news front, today is wide-open. Aside from two FED members issuing public comments and the Baker-Hughes Rig Count, the Friday slate is bare. Barring any blockbuster Tweets from the White House, we are likely to receive unfettered price action across the markets. At this point, one has to wonder if Wall Street is poised to take on more risk or pack it in for the weekend.

U.S. Stocks Rally On Wall Street Open

The DJIA has opened above 27,000, extending the four-session compression pattern near this value area. For the December E-mini DOW, the action is similar, with 27100 shaping up to be a key technical level.

Here are the levels to watch until the closing bell:

• Resistance(1): All-Time High, 27375
• Support(1): 38% Current Wave, 26798
• Support(2): Bollinger MP, 26704

Bottom Line: For the moment, the bidding is light but present on Wall Street. In the event we see a reversal from current levels, going long from support at the Current Wave 38% Retracement (26798) is solid trade location to the bull.

The DJIA is long, intermediate, and short-term bullish. Opportunities to buy dips in reference to the daily timeframe should be considered. For the rest of today and into Monday, I will have buy orders queued up from 26824 in the December E-mini DOW. With an initial stop at 26744, this trade is worth 75 ticks on a roughly 1:1 risk vs reward ratio.