Friday, February 15, 2019

DOWJONES - 15 February 2019


Fundamental Highlights

With little news and progress on Sino-US trade negotiations, the catalyst for optimism in global equities, in addition to weak US economic data, the Dow Index dropped on Thursday and overshadowed the approval of a deal that Trump has yet to sign today in order to avert another government shutdown. Rising jobless claims and a sharp decline in retail sales undermined the US’s economic performance and will have investors pay attention to, apart from US-China trade talk headlines, today's comments from Fed members that have taken a data-driven approach with regards to setting monetary policy.

Technical Analysis

The Dow Index edged 0.4% lower to close at 25439. After the index reached a high of 25620 intraday, bullish momentum weakened and price retreated lower. The main trend is up, however in the near-term price should turn lower from its high whilst finding support by the 50-period MA at 25260. If this level fails as support, look for further downside to the 25150 level.

Support: 25268 / 25150
Resistance: 25560 / 25620

Chart (H4)