Friday, November 2, 2018

DOWJONES - 02 November 2018

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Fundamental Highlights

The monthly employment report is likely to be in the spotlight today, overshadowing separate reports on the US trade deficit and factory orders. Employment is expected to climb by 190,000 jobs in October after rising by 134,000 jobs in September, while the unemployment rate is expected to hold at 3.7%. The Dow surged up 265 points yesterday ending the day just off its highs of the session. The continued strength on Wall Street came after President Trump said he had a “very good” conversation with Chinese President Xi Jinping about trade. On the corporate earnings calendar, Dow component Exxon Mobil is among the companies due to report their quarterly results per-market today.

Technical Analysis

The Dow pushed through the 200-Day Moving Average ending the day on a very bullish note, dominated by bulls lifiting the market throughout the entire session. The Dow now shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The RSI looks bearish on the hourly chart, signaling selling pressure ahead for at least the next few hours and ahead of today's NFP report.

Support: 25275 / 25000
Resistance: 25540 /25636

Chart (H1)
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