Friday, February 1, 2019

DOWJONES - 01 February 2019

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Fundamental Highlights

The Dow Index made a shy decline of 0.06% to close at 24,999 yesterday. The concluded US-China trade talks didn’t result in a definite deal, but an upbeat outlook as the two nations promise to meet again in the near future leaving investors hopeful on progress and easing tensions. Whilst a dovish Fed supports US equities, Powell’s remark on a solid US economy challenges their pause on tightening monetary policies, and encourages continuous assessment of the nation’s economic performance. With no major headlines in the picture, we look to today’s employment figures and ISM manufacturing PMI report to reflect the country’s economic growth and impact price action.

Technical Analysis

Technical outlook on the DOW remains bullish however price is trading in yesterday’s range seeking to break the resistance at 25070 to resume its uptrend. A sustained move above 24890 will keep price in positive territory, while a break below this support level will indicate the presence of selling pressure.

Support: 24890 / 24830
Resistance: 25070 / 25150

Chart (H4)
DOWJONES

 
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