02 August 2018

Dow Jones -02 August 2018


Fundamental Highlights

The FOMC voted consistently to hold rates at a range between 1.75% and 2%, after raising rates in June. Fed left rates unchanged but repeated its bullish assessment and expects further gradual increase in rates. U.S. stocks continue to trade under pressure after the anticipated unchanged rates by the Fed and the massive tech sold-off. Global equities were weighed down by the U.S. China trade tension again. Dow declined 98 points. Direction of markets going forward might reverse depending on Friday’s non-farm payroll report.

Technical Analysis

As seen on the technical chart Dow dropped down and may continue moving downward towards the 25117 support. Once it reaches towards the first support it will either continue moving downwards towards the 25032 support or retreat and move upwards towards the 25421 resistance.

Support: 25117 25032
Resistance: 25421 25458

Chart (H1)

dowjones 2/8/18