Friday, August 10, 2018

Dow Jones - 10 August 2018

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Fundamental Highlights

U.S. stocks closed mostly lower, as investors contemplated the continuation of the trade dispute between Washington and Beijing against a backdrop of strong corporate earnings and a healthy economic performance but weak energy and industrial shares weighed on the market. Global trade tensions continued as China’s Ministry of Commerce released an updated list of items it would target with tariffs if the U.S. were to impose its own taxes on Chinese imports. Both tariff packages are set to be initiated near the end of the month. For the time being, markets appear to be putting to one side the prospect of this happening in the near future which suggests that for now we are probably on the border of an absolute trade war.

Technical Analysis

The Dow closed down 74 points. Dow continued its dip downwards in yesterday's session. As the Dow continued downwards it broke yesterdays' 25424.5 support. Today it seems that the index will continue its descending move towards the 25356.0 support and may break and continue further towards the 25271.0 level.

Support: 25356.0 25271.0
Resistance: 25554.5 25477.5

Chart (H1)

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