Stocks rose on Tuesday, recovering some of their sharp losses from the previous session, as traders made bets for a strong global economic recovery.

The S&P 500 advanced 0.7% to 3,726.86.

Sentiment also got a boost from stronger-than-expected U.S. manufacturing data. The Institute for Supply Management said its manufacturing index rose to 60.7 in December — its highest level since August 2018 — from 57.5 in November. Economists polled by Dow Jones expected the index to come in at 57.
 

Plan A : Short if market failed to support above 3692. Targets are 3667 and 3642.

Plan B : Long if market doesn't retrace much and supported firm above 3692. Targets are 3708 and 3725.
 

U.S. stock futures were mixed early Wednesday morning as Wall Street kept an eye on two runoff elections in Georgia that will determine control of the Senate.

the Nasdaq Composite climbed nearly 1% to 12,818.96.

The benchmark 10-year Treasury note yield, meanwhile, reached 1% for the first time since March.

Some on Wall Street fear that a Democrat-controlled Senate could lead to higher corporate taxes and tougher regulations on companies, which could weigh on the broader market. However, this outcome could also facilitate the passing of additional fiscal stimulus, which could give a boost to companies hit hardest by the coronavirus pandemic.
 

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Plan A : Short if market failed to support above 12588. Targets are 12548, 12505 and 12450.

Plan B : Long if market doesn't retrace much and supported firm above 12588. Targets are 12615, 12651 and 12682.

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