U.S. stocks have opened higher this morning as investors prepare for the weekend break. At the ¼ point of the Wall Street trading day, the DJIA DOW (+149), S&P 500 SPX (+19), and NASDAQ (+39) are all in the green. Although the news cycle is relatively quiet, the preliminary University of Michigan Consumer Sentiment Index (March) was released a few minutes ago.

Today’s U.S. economic calendar features a few peripheral metrics. Here’s a look at the data:

Event                                                     Actual                   Projected            Previous

PCE Price Index (YoY, Feb.)                    1.6%                         NA                       1.4%

Personal Income (MoM, Feb.)               -7.1%                      -7.3%                  10.1%

Personal Spending (MoM, Feb.)           -1.0%                      -0.7%                    3.4% 

UM Sentiment Index (March)                84.9                         83.6                    83.0

In short, inflation is gaining ground, as is consumer sentiment. However, February was a rough month for personal income and spending. These two figures suggest that individuals are still making the transition from COVID-19 budgeting to life post-COVID.

It’s been a solid open for U.S. large-cap stocks. Let’s take a look at the DOW from an intermediate-term perspective.

U.S. Large-Cap Stocks Rally

Currently, a bullish bias is warranted toward the June E-mini DOW. Prices are above 32,500 and headed toward fresh all-time highs.

Here are two levels to watch in this market for the near future:

• Resistance(1): All-Time High, 33,116
• Support(1): 38% Current Wave Retracement, 32,090

Overview: For the time being, it’s long-or-nothing for U.S. large-cap stocks. Until we see the Fed commit to a shift from QE unlimited, equities are likely to keep rising. If Q1 is any indication, it looks like 2021 is going to be a positive year on Wall Street.