Dow Jones Industrial Average: The Index Is Struggling To Con
(MENAFN- Daily Forex) The Dow Jones Industrial Average advanced slightly during its recent trading on intraday levels, to achieve gains for the fourth day in a row, by 0.12%. It gained about 40.47 points and settled at the end of trading at the level of 33,431.45. After its rise during last Friday's trading by 1.17. %, at the end of a week in which the index witnessed gains of 1.7%.
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Investors re-evaluated monetary policy expectations ahead of a busy week of economic data and rhetoric from the Federal Reserve. All eyes are now on federal reserve Chairman Jerome Powell's testimony this week before the Senate and House committees after heated recent economic data fueled bets for a further hike.
Friday's non-farm payrolls report will also provide a clearer picture of the labor market while giving additional insight into the direction of the Federal Reserve's rate path.
Meanwhile, US factory orders fell 1.6% in January, due to fewer contracts for Boeing's large passenger jets, as most other manufacturers posted somewhat higher bookings. Economists had expected a 1.8% decline.Dow Jones Technical Analysis
Technically, the index continued its ascent with continuous support from the supply of positive signals in the relative strength indicators, to collide in its recent trades with the resistance of its simple moving average for the previous 50-day period. It curbed the index's recent gains, especially amid its trading along a major bearish trend line in the medium term, as shown in the figure. The attached chart is for a period of time (daily).
Therefore, our expectations remain the same, suggesting a scenario for the index to return to decline during its upcoming trading, as long as the resistance level at 34,281.36 remains stable, to target once again the important support level at 32,582.
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