Trading proved lackluster in yesterday’s session with the Dow Index barely changed as it ended 3 points higher at 25709. Trade headlines informed markets that a scheduled meeting this month between Presidents of the US and China will be postponed to April, further extending the prospect of a Sino-US trade deal and leaving market participants on uncertain grounds as they lack impetus to drive the index in a clear direction. On the economic front, US jobless claims came in higher than expected and investors will watch for today’s JOLT job openings to see if it’ll follow yesterday’s weakness in the labor market. Moreover, The US releases the NY Manufacturing Index and Industrial production reports.
The Dow Index continues to hold above the 20-period MA acting as support as the price edges higher. While the 20-period MA crossed over the 50-period MA, thereby indicating a bullish shift in price action, it has yet to cross over the 100-period MA currently acting as a barrier to extend further gains towards the resistance at 25880. Any move below the 20-period MA would point to the support level at 25590 separating the index from a move back down.
Support: 25670 / 25590
Resistance: 25880/ 25960