Dow Jones Technical Analysis: Index Is Falling Due To Strong| MENAFN.COM

Sunday, 05 February 2023 11:13 GMT

Dow Jones Technical Analysis: Index Is Falling Due To Strong

(MENAFN- Daily Forex)
  • The dow jones industrial average fell during its recent trading on intraday levels, breaking a series of gains that lasted for three consecutive sessions, recording losses in its last sessions by -1.45%.
  • The index lost about -497.57 points, to settle at the end of trading at the level of 33,849.47, after the index rose During Friday's trading, by 0.45%.
  • The index's latest decline was the worst since November 9th.

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Rare protests in major Chinese cities over the weekend against the country's strict curbs on the spread of the coronavirus exacerbated concerns about growth in the world's second-largest economy.

This week, investors will be closely watching US consumer confidence data for November, due on Tuesday. This comes along with the government's second estimate of third-quarter GDP, due on Wednesday, and the November non-farm payrolls due on Friday. The data should provide some additional clues to the Fed's policy plan.

Investors will also be squarely focused on Fed Chairman Jerome Powell, who is scheduled to speak at a Brookings Institution event on Wednesday, looking for any signs that the Fed may moderate its aggressive rate hikes.Dow Jones Technical Analysis

Technically, the index's decline came as a result of the stability of the important
34,281.36 resistance level , to try to drain some of its clear overbought with the relative strength indicators. Especially with the start of negative signals from them, to gather its positive forces that may help it to penetrate that resistance in the future, considering its impact on the breach of the slope line. A bearish correction earlier in the short term, as shown in the attached chart for a (daily) time period, is supported by its continuous trading above its simple moving average for the previous 50-day period.

Therefore, our expectations suggest that the index will rise again during its upcoming trading, as long as the 33,248.60 support level remains stable, especially if it breaches the aforementioned 34,281.36 resistance, to then target the 35,372.26 resistance level.

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