The Dow Index made early advances before it ended 0.22% lower on Wednesday amidst less encouraging corporate reports from Boeing and Caterpillar. At the end of the trading session, Giant tech companies reported better than expected earnings figure which may lend strength in today’s session ahead of post-market corporate reports. In terms of data, the US publishes durable goods orders and initial jobless claims both of which are estimated to rise.
The Dow Index has continues to form its series of higher highs and lower lows as the index reached a high of 26668 before edging lower to end at 26597 on Wednesday. The price is currently sitting slightly above the rising trend ling support from March upholding gains around 26500. Holding above this level would indicate the presence of buying pressure while a decline below 26440 would suggest a lower move on the Index. A breakout of the recent high around 26668 targets the 26790 level which would clear the way for a run towards the all-time high at 26940.
Support: 26500/ 26440
Resistance: 26680/ 26790