The Dow rose 0.7% on Wednesday with corporate earnings reports in favor of the blue-chip index. While slowing yet positive corporate growth has boosted the market, little developments in Sino-US trade negotiations and the US government shutdown should fairly limit a recovery to the index’s recent rally that topped at 24750 last week. Today’s US PMI report should provide insight on the economy’s sentiment and performance.
The Dow wound up slightly higher after fluctuating between gains and losses on Wednesday. Meanwhile, current price action appears to continue its course of ranging within constricting Bollinger bands. While the uptrend is halted, a trade through 24740 would signal its resumption and a sustained move above 24390 would keep the Index from selling pressure.
Support: 24420 / 24340
Resistance: 24600 / 24740