Monday, September 3, 2018

DOWJONES - 04 September 2018


Fundamental Highlights

President Donald Trump canceled an outing on Labor Day (Monday 3rd of September) as he prepares to confront both Canada and China in the upcoming days. Trump began his holiday by attacking Richard Trumka, the president of the AFL-CIO, the largest U.S. labor union umbrella group. This tweet came in as Trumka was offering comparatively low-key criticism of the Mexico-only approach in an interview on “Fox News Sunday,” calling Nafta in its current form “devastating” to the American labor force, but questioning how it could be renegotiated without Canada. After the president’s tweet, the AFL-CIO didn’t respond directly but rather waited and posted a tweet early on Monday acknowledging Labor Day with an audio from a previous Trumka speech stating, “We don’t fear the attacks against us.” In addition, there is no news around U.S. stocks and their movement as the market was closed in Monday’s session due to Labor Day.

Technical Analysis

Strong bullish momentum on the Dow as it is still forming higher lows and confirming the uptrend. The index may have another upward move towards the 26085 figure and may continue further towards the 26167 area. Further confirmation upon close above 26050 level.

Support: 25962 25922
Resistance: 26085 26167

Chart (H1)