The US market has broken out of the correctional stage and resumed an upward movement. Now, the main US stock indices are rising, aiming at annual highs. They need to gain about 2% to reach those highs according to the S&P500 index.

The catalyst for growth was the extension of a deadline (at least until mid-December) for rising the US debt limit. Congress and Biden raised the debt limit by $480 billion. Apart from that, bullish momentum is fostered by the Fed's soft rhetoric. The regulator is unwilling to raise the key rage even after inflation remains above the target level of 2.5%. It has already exceeded 5% due to rising commodity prices, primarily gas and oil. Currently, investors are anticipating the FOMC meeting that is scheduled for November 3. Its results are likely to have a huge impact on the US stock market.

Tech stocks are again growing the most, which is usual for the current cycle.

Weekly gain:

The Dow Jones - 34,360 and 35,250, rising by 890 pips or 2.7%

The S&P500 – 4,360 and 4,480, advancing by 120 pips or 3%

The NASDAQ Composite - 14,540 and 15,020, growing by 480 pips or 3.5%

Outlook:

The approximate range for the Dow Jones is 35,000 – 35,500

The approximate range for the S&P500 is 4,450 – 4,550

The Approximate range for NASDAQ is 14,800 – 15,250

Conclusion

The US stock market has gained bullish momentum. Bear in mind that the current growth cycle will soon be over. So, the growth potential is small, amount to no more than 10 -15 %.