US stocks were trading sideways on Tuesday, with the Dow and S&P 500 rising slightly. US job openings fell for a second straight month in to 4.5% from 4.6%, amid decreases in wholesale trade and the federal government. Most Dow components were higher yesterday The US 10-year yield backed-up with yields rising above 1.63%. China reported August CPI and PPI, which came in slightly better than expected. Looking ahead, we have wholesale inflation figures arriving today, a day ahead of U.S. consumer prices. Oil markets are also set for a big Wednesday, with the release of the OPEC monthly report and the EIA inventories for the week.
Moving higher for the 5th day in a row, DJIA ended Tuesday at 26909 gaining 73 points. Last night's close marks the highest recorded closing price since July 30th. Trading down 89 points lower after the open, the Dow managed to reverse during the session as bulls took control ending the day slightly above its opening price and pushing through a key technical resistance level at 26770 now acting as support. The next resistance level is around 27110 and we expect some profit taking from there.
Support: 26770/ 26045
Resistance: 26770/ 27110