U.S. equities were firmly lower yesterday as a surge in government bond yields rippled through, forcing a broad reassessment of assets perceived as risky, like stocks. Federal Reserve Chairman Jerome Powell minced no words describing the U.S. economy, calling it “remarkably positive,” “extraordinary” and “particularly bright.” And he said he expected the good times to continue. Markets seem to agree, investors are growing more confident in future growth, and perhaps equally important, that the FOMC will not choke it off.
The Dow snapped its previous rally and fell 200.91 points. During Friday's session, the index may take a bearish move towards the 26537 level and ending the week at that support level. During Friday's session the Dow seems to be a good sell.
Support: 26537 26484
Resistance: 26683 26768