• The Dow Jones Industrial Average closed with a rise in its recent trading at the intraday levels, to break its longest losing series in a month.
• It achieved gains in its last sessions by 0.18%, to gain about 59.64 points.
• It settled at the end of trading at the price of 32,969.24, after its decline in the day’s trading. Tuesday and for the third consecutive session, a rate of -0.47%.

18 of the index’s 30 components advanced, with Salesforce Inc. increased by 2.28%, before the company reported diluted earnings for its fiscal second quarter late Wednesday of $1.19, down from $1.48 a year earlier. Revenue was $7.72 billion in the quarter ended July 31, up from $6.34 billion a year earlier.

Dow Jones Economic Data

New orders for durable goods held steady in July after rising 2.2% in June, missing expectations for a 0.8% increase in a Bloomberg survey.

While the National Association of Realtors’ pending home sales index fell 1% in July, a smaller-than-expected gain, pending sales fell nearly 20% from a year earlier.

Investors are now focused on the Jackson Hole symposium that begins Thursday, with a speech from Federal Reserve Chairman Jerome Powell on Friday likely to provide more clues about the pace of future rate hikes, and whether the central bank can achieve a “soft landing” for the economy.

Technical Outlook

Technically, the index with its recent rise is trying to compensate for part of what it incurred from previous losses. Att the same time it is trying to discharge some of its clear oversold by the relative strength indicators. This is in light of the stability of its trading below the level of 33,240, and under the control of the bearish trend in the medium term along a slope line. You can see this in the attached chart for a period of time (daily). In front of these negative pressures, we find it moving above its simple moving average for the previous 50 days, which gives it some positive momentum.

Therefore, our expectations suggest a return to the index’s decline during its upcoming trading, especially throughout its stability below the resistance level 33,240, to target the support level 32,272.65.

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The Dow Jones industrial index continued to decline in its recent trades,registering record losses for the third session in a row. The index fell by 0.47 percent, losing about 154.02 points and settling at the end of trading at the level of 32,909.60, after falling by 1.91 percent on Monday.

New home sales in the United States fell by 12.6 percent, settling at the seasonally adjusted rate of 511,000 homes in July,  after being at 585,000 homes in the previous month according to data released by the Commerce Department on Tuesday. Analysts polled by the Wall Street Journal expected new home sales to reach 574,000 homes in July.

The S&P Global US manufacturing PMI fell to 51.3 in August after being at  52.2 in July, a 25-month low, while the services PMI fell to 44.1 in August from 47.3 in July, well below the 49.8 that the analysts expected.

Stocks fell in the final sessions ahead of this week’s annual central bank meeting in Jackson Hole, where Federal Reserve Chairman Jerome Powell is expected to reinforce a strong commitment to ending an inflation that has hit four-decade highs.

Traders are now divided between expecting a 50 basis point interest rate hike and a 75 basis point hike by the central bank, after many policymakers recently disputed the bearish outlook and reaffirmed the Fed’s commitment to fighting inflation.

Dow Jones Technical Outlook

The index continues its decline along a main downward trend line in the medium term, as shown in the attached chart for a period of time (daily). The continuation of the negative signals in the relative strength indicators causes the index to stabilize in its recent trades below the main resistance level of 33,000. We observe the continuation of the positive pressure for its trades above the simple moving average for the previous 50-day period.

Our expectations point to the continued bleeding of losses for the index during its next trades, especially as long as it remains stable below the 33,000 level, to target the pivotal support level of 32,272.65.

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The Dow Jones Industrial Average saw its biggest one-day, pips, and percentage loss since June 16th.

The Dow Jones Industrial Average closed sharply lower during its recent trading at the intraday levels, to record losses for the second consecutive session, by -1.91%. The index lost about -643.13 points and settled at the end of trading at the level of 33,063.62, after its decline in trading last Friday by -0.86%. It ended the week’s trading with a decrease of -0.16%.

The Dow Jones Industrial Average saw its biggest one-day, pips, and percentage loss since June 16th, as investors remained concerned about the possibility of another aggressive rate hike.

Federal Reserve Chairman Jerome Powell and other central bank officials and policymakers will gather this week at the annual Jackson Hole event. Powell is due to deliver a speech on the economic outlook on Friday, and investors will hear any indication of whether a 50 basis point or 75 basis point increase is likely at the September FOMC meeting.

The probability of the Fed raising rates by 75 basis points to a range of 3% to 3.25% increased to nearly 54% as of Monday, compared to 47% on Friday and 39% a week ago.

Investors will also be looking for details about the Fed’s plans to cut its roughly $9 trillion balance sheet, a process that began in June.

Dow Jones Technical Outlook

• Technically, the index previously faced a strong resistance represented by a bearish trend line in the medium term.
• This is shown in the attached chart for a (daily) period.
• This coincided with the start of negative signals on the relative strength indicators, after they reached at the same time overbought areas.
• It caused increasing pressure on the index to break in its recent trading the 33,240 support level.

All of this comes in light of the dominance of a bullish corrective wave in the short term, supported by its continuous trading above its simple moving average for the previous 50 days. It represents the last stronghold of support that could gain it the necessary positive momentum and give it the ability to regain its recovery.

Therefore, given the index’s stability below 33,240, we expect it to decline further during its upcoming trading, to target the support level 32,273.

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The Dow Jones Industrial Average declined during its recent trading at the intraday levels, to break with a series of gains that continued for five consecutive sessions. It recorded losses in its last sessions by -0.50%, to lose the index towards -171.69 points. It then settled at the end of trading at 33,980.33, after rising in trading on Tuesday, by 0.71%, to reach this rise to its highest level since late April.

Minutes released from the minutes of the Federal Reserve’s July meeting showed that members of the Federal Reserve’s Monetary Policy Committee decided at their meeting last month that they would continue to increase benchmark lending rates until inflation fell significantly. They are using incoming macroeconomic data to determine how high rates will go.

In an effort to combat hot inflation, the Federal Open Market Committee has raised interest rates at each of its meetings since March, including two back-to-back increases of 75 basis points at its last two meetings, with more increases expected in upcoming meetings. However, despite these measures, inflation remains at its highest levels in four decades.

Economic Outlook

US retail sales were flat in July, less than an expected 0.1% increase in a Bloomberg poll and after a 0.8% rise in June. However excluding a 1.6% drop in auto sales, retail sales rose 0.4%, compared to an expected drop of 0.1%. Gas station sales fell 1.8% in July, due to lower prices.

Dow Jones Technical Forecast

• Recent decline in the index came as an attempt to reap the profits of its recent rises.
• It is also trying to drain some of its clear buying saturation with the relative strength indicators.
• This is especially with the start of negative signals from them, to gather its positive forces that may help it recover and rise again.
• The index has helped in the resistance level 34,118 to remain intact.

Continued positive support for its trading above its simple moving average for the previous 50 days is being affected by the earlier exit from the range of a bearish corrective price channel that had limited its trading before in the short term, as shown in the attached chart for a (daily) period.

Therefore, our expectations suggest a return to the index’s rise during its upcoming trading, but it must first cross the resistance hurdle 34,118, and then target the resistance level 34,821 immediately.

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The Dow Jones Industrial Average Index continued to rise during its recent trading at the intraday levels, to achieve gains for the fifth consecutive day, by 0.71%. It added to it about 239.57 points, and settled at the end of trading at the level of 34,152.02.  to close the index at its highest level since late April/ April, after rising 0.45% during trading on Friday.

Walmart (WMT) was the strongest performer on the Dow, with the stock up 5.1% at the close, after the company said it no longer expects a significant decline in profits during fiscal year 2023. It also announced second-quarter results that topped estimates driven by a rise Prices and lower supply chain costs.

In addition, Home Depot’s second-quarter financial results topped Wall Street views as demand for home improvement remained strong despite the inflationary environment, while the retailer reiterated its full-year outlook, and the company’s shares jumped 4.1% to be also among the top gainers among companies. listed on the indicator.

Economic Data Outlook

US industrial production rose 0.6%, compared to expectations for a 0.3% increase in a Bloomberg survey and after a flat reading in June, capacity utilization rose to 80.3% from 79.9%, compared to guidance, which rose to 80.2%.

Housing starts fell 9.6% in July to an annual rate of 1.446 million units, the lowest since February 2021 and below market expectations of 1.54 million, according to the US Commerce Department.

Technically, the index continues to rise amid being affected by the positive support provided due to its trading above its simple moving average for the previous 50 days. This is light of its exit from the range of a bearish corrective price channel that limited its previous trading in the short term. This is shown in the attached chart for a (daily) period, reaching In its recent trading to attack the resistance level 34,118.

We notice the start of a negative crossover on the RSI, after reaching overbought areas, which may curb the index’s upcoming gains, especially in the event that the resistance level 34,118 remains intact.

Therefore, we expect more rise for the index during its upcoming trading, but on the condition that it first overcome the resistance obstacle 34,118, and then target the resistance level 34,820.

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The Dow Jones Industrial Average Index rose during its recent trading at intraday levels, to achieve gains for the fourth consecutive day, by 0.45%. It added about 151.39 points and settled at the end of trading at the level of 33,912.45. It is achieving the longest series of gains since late May After rising by 1.27% during trading on Friday, last week the index rose by 2.92%.

The Federal Reserve Bank of New York’s Empire State Business Conditions Survey, a measure of manufacturing activity in the state for August, fell 42 points from July to -31.3. This was well below economists’ consensus of +5.0 before the release, down 6 points. It’s also the second largest monthly drop in the survey’s history.

The drop in the survey came from new orders and shipments, one positive side may be that there are signs of easing price pressures in August, supporting the narrative of peak inflation that has boosted markets recently. Analysts are also playing down the reading, if only temporarily, because manufacturing in New York is a small part of the country’s manufacturing base.

This is why we should be interested in the next regional business survey coming Thursday from the Philadelphia Fed. If it’s as bad as New York then recession fears could return quickly, which should affect stock prices, commodity prices, bond yields and the dollar.

Dow Jones Technical Outlook

Technically, the index continues to rise as a result of being affected by leaving the range of a bearish corrective price channel that limited its previous trading in the short term. It is shown in the attached chart for a (daily) period, with the positive signs appearing on the relative strength indicators. This is despite reaching overbought areas, In addition, it is benefiting from the continuation of the positive support due to its trading above its simple moving average for the previous 50 days.

Therefore, our positive expectations surrounding the index continue during its upcoming trading, as we expect it to rise to target the first resistance levels at 34,820.90, in preparation for attacking it. This positive scenario will continue as long as the support level 33,240 remains intact.

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Our expectations indicate the continuation of the index’s rise during its upcoming trading.

The Dow Jones Industrial Average Index continued to rise during its recent trading at the intraday levels, to achieve gains for the third consecutive day, by 1.27%. It added about 424.38 points, and settled at the end of trading at the level of 33,761.06. This came after rising during Thursday’s trading by 0.08%. Last week, the index advanced by 2.92%.

Preliminary results for August showed that the University of Michigan Consumer Confidence Index rose to 55.1 from 51.5 in July, market expectations were for a rise to 52.5, and the survey showed that the expected inflation rate for next year fell to 5%, the lowest level since February February, as energy prices continued to fall.

Meanwhile, San Francisco Fed President Mary Daly said her main issue for the FOMC meeting in September was a 50 basis point increase in the federal funds rate and was open about a big raise.

There is now a close to 56% chance of a 50bp rate hike on September 21st, while 45% of market participants are pricing in a 75bp hike.

The Bureau of Labor Statistics reported that US import prices fell 1.4% in July after advancing in June, more than economists had estimated for a 0.9% decline.

Technical Analysis

Technically, the index continues to rise, affected by its exit from the range of a descending corrective price channel that limited its previous trading in the short term, as shown in the attached chart for a period of time (daily), supported by the influx of positive signals on the relative strength indicators, despite it reaching overbought areas, as the index is benefiting from the continuous positive pressure of its trading above its simple moving average for the previous 50 days.

Therefore, our expectations indicate the continuation of the index’s rise during its upcoming trading, especially throughout its stability at the highest level of 33,240, to target the first resistance levels at 34,117.75.

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The Dow Jones Industrial Average declined during its recent trading at the intraday levels, to record losses in its last sessions, by -0.18%, to lose about -58.13 points. It settled at the end of trading at the level of 32,774.42, after rising during trading at the beginning of the week on Monday by a rate of 0.09%.

Investors now see a 68.5% chance that the Fed will raise rates by 75 basis points at its next meeting in September, which would be the third big increase in a row.

Given the importance of the July CPI release which is due later Wednesday and will be watched closely by traders, economists anticipate that the decline in energy prices could help slow the pace of consumer price increases, which are at their highest levels in decades. YoY headline CPI rose 9.1% in June, the highest level in four decades. Economists polled by FactSet expect the core CPI to slow to 8.7%, but analysts warned that a hotter-than-expected reading on the headline or core number – which excludes volatile food and energy prices could rattle markets.

Analysts said a drop in the New York Fed’s gauge of consumer inflation expectations on Monday was a positive sign, but strong wage growth data in the July jobs report released on Friday and a sharp rise in unit labor costs in data released on Tuesday were a concern.

Dow Jones Technical Outlook

The index found some negative pressure after testing the ceiling of that bearish corrective price channel that limits its recent trading in the short term. It is shown in the attached chart for a period of time (daily), especially with the influx of negative signals on the relative strength indicators, after their arrival earlier. Overbought areas, all of this comes in light of the continuation of positive support for its trading above its simple moving average for the previous 50 days, which curbed the index’s recent losses.

Therefore, our expectations indicate a decline in the index during its upcoming trading, throughout the stability of the resistance 33,240, to target the support level 31,885.

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The Dow Jones Industrial Average rose slightly during its recent trading at the intraday levels, to achieve slight gains in its last sessions, by 0.09%. It gained about 29.08 points, and settled at the end of trading at the level of 32,832.55, after its rise during Friday’s trading by 0.23%.

Traders were hoping that a strong labor market would defy the latest evidence of a slowing US economy, as the quarterly corporate earnings season draws to a close, which was well-received in the second quarter overall.

But last week’s strong jobs report for the month of July makes it more difficult for investors to think that the Fed will rely on its plans to raise interest rates at its next meeting next month, as Friday’s solid work report indicates that companies have not cut employment distance.

Investors were also weighing the implications of the massive healthcare, climate and tax package passed by the Senate in a party-line vote on Sunday, giving President Joe Biden a political victory. The package is expected to win approval in the Democratic-controlled House of Representatives.

Traders are now waiting for the CPI to be released on Wednesday, with economists expecting an 8.7% YoY increase which will be down from 9.1% in June. The market now needs to see that inflation is going down, or else it will assume that the Fed will remain somewhat aggressive in raising interest rates and stocks will collapse.

Technical Analysis

Technically, the index is rising with the support of its continuous trading above its simple moving average for the previous 50 days, until it reached its last trading to test the ceiling of that bearish corrective price channel that limits its previous trading in the short term, as shown in the attached chart for a (daily) period, with the influx of Negative signs on the RSI indicators, after reaching overbought areas.

Therefore, our expectations suggest a return to the index’s decline during its upcoming trading, as long as the resistance level 33,240 remains intact, to target the support level 31,885.

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Our expectations suggest a decline in the index during its upcoming trading.

The Dow Jones Industrial Average rose during its recent trading at the intraday levels, to achieve gains in its last sessions by 0.23%, to gain about 76.65 points. It settled at the end of trading at the level of 32,803.47, after its decline during Thursday’s trading by -0.26%, in last week, the index declined slightly by -0.13%.

The US employment report showed an increase of 528,000 in non-farm payrolls in July, exceeding estimates of an increase of 250 thousand jobs, compared to a 398,000 increase in June. While the unemployment rate fell to 3.5%, versus estimates of no change of 3.6% in a Bloomberg survey.

Average hourly earnings rose 0.5%, stronger than the upwardly revised 0.4% increase in June, while maintaining the adjusted annual rate at 5.2% compared to expectations of a slowdown to 4.9%.

The unemployment rate has returned to its pre-pandemic lows and hourly wages have risen. Announcements of layoffs by a number of prominent companies had earlier raised fears that a strong labor market could be waning, opening the door to stronger expectations of an interest rate hike from the Federal Reserve accepted, as part of its attempts to rein in inflation, which reached its highest level in 40 years.

Some analysts argue that the strong jobs data reinforces the notion that the economy can withstand the Fed’s monetary policy tightening without falling into a recession. Meanwhile, sharp declines in commodity prices, including oil, helped support the notion that inflation may be approaching its peak.

Technical Analysis

Technically, the index moves within the range of a bearish corrective price channel that limits its previous trading in the short term, as shown in the attached chart for a (daily) period. This is with the influx of negative signals on the relative strength indicators, after they reached areas of severe overbought operations. The index benefits from positive support due to its continuous trading above its simple moving average for the previous 50 days.

Therefore, our expectations suggest a decline in the index during its upcoming trading, as long as the pivotal resistance level 33,240 remains intact, to target the support level 31,885.

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