(MENAFN- Daily Forex) The dow jones industrial average declined slightly in its recent trading on the intraday levels, to record slight losses in its last sessions by -0.10%. The index lost about -34.99 points, to settle at the end of trading at the level of 33,891.03 after the index fell during last Friday's trading by a percentage of -0.38%. The index witnessed a decline of -0.15% at the end of the week.
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US stock movements were slightly restrained on Monday, as investors were cautiously awaiting Federal Reserve Chairman Jerome Powell's speech at the Economic Club of Washington scheduled for later in the day, for more clues about the central bank's tightening path.
It comes as investors re-evaluated the outlook for monetary policy, as stronger-than-expected US jobs data suggested the Fed may tighten further. However, Powell's inflation-cutting comments at last week's meeting indicated a dovish tone.
Investors are caught between a Federal Reserve that sees interest rates rise and stay above 5% next year and a market that is anticipating a rate cut by the US central bank later this year on expectations of a calming economy.
With little headline news to stimulate the markets, the negative momentum from Friday's surprisingly strong jobs reports carried over into Monday's action, sending major indices lower.Dow Jones Technical Analysis
Technically, the index is trying, in its recent trading, to gain positive momentum that may help it attack the pivotal and stubborn 34,281.36 resistance level. This happened in light of its trading along a bullish corrective trend line in the short term, as shown in the attached chart for a (daily) period of time, with the continued presence of positive signals in the relative strength indicators. The index, in turn, based its recent trading on the support of its simple moving average for the previous 50-day period.
Therefore, our expectations suggest that the index will rise again during its upcoming trading, especially if it breaches the 34,281.36 resistance, to then target the first resistance levels at 35,361.36.
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