• 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.

Ready to trade the Dow Jones in Forex? Here’s a list of some of the best CFD brokers to check out.

Our expectations suggest a return to the index’s decline during its upcoming trading.

The Dow Jones Industrial Average rebounded, rising during its recent trading at intraday levels, to achieve sharp gains in its last sessions, by 1.98%, to add to it about 618.34 points. It settled at the end of trading at the level of 31,880.25, after its decline in Friday’s trading by -0.03 %.

Twenty-seven of the index’s 30 components rose, led by percentage in percentage terms: JPMorgan Chase & Co. which recorded a gain of 6.19%, after the bank raised its expectations for the entire year 2022 for net interest income. It reached more than 56 billion dollars from the original expectations in January, which amounted to about 50 billion dollars, and this affected all the financial sector positively. The second listed stock on the index to achieve a percentage gain was Visa Inc. Cl A by 4.29%.

Wall Street advanced with support from President Joe Biden’s statements that he is considering cutting tariffs on China imposed by former President Donald Trump. A new economic agreement was also announced on Monday with 12 Indo-Pacific nations, which account for about 40% of GDP. The agreement aims to counter China’s influence. While the market seemed to have ignored his comment that the US would defend Taiwan in the event of an attack on the mainland, the White House later played down his comments.

Technically, the index is trying with this rise to compensate for part of what it incurred from previous losses. It is trying to drain some of its clear oversold by the relative strength indicators, especially with the beginning of a positive crossover in them. The index found some support after it relied on its penultimate session to support those the bearish corrective price channel. This channel limits its previous trading in the short term, as shown in the attached chart for a period (daily). It gained it some positive momentum, but it continues to suffer from negative pressure for its trading below the simple moving average for the previous 50 days.

Therefore, our expectations suggest a return to the index’s decline during its upcoming trading, especially throughout its stability below the 32,000 resistance level, to target the support level 30,547.50.

The Dow Jones Industrial Average rose during its recent trading at the intraday levels, to break a series of losses that continued for six consecutive days. It achieved gains in its last sessions, by 1.47%, to gain about 466.36 points and settled at the end of trading at the level of 32,196.67, after its decline in Thursday’s trading by amounting to -0.33%. During the past week, the index recorded losses by -2.14%, thus recording a weekly series of losses that continued for seven consecutive weeks, and it is the longest series of losses since July 2001.

The data showed consumer prices rose 8.3% year-on-year in April, down slightly from the 8.5% annual rate in March, but high enough to worry investors. Core CPI, which excludes food and energy due to their volatility, increased 6.2% year over year.

Meanwhile, producer prices jumped 11% year-on-year in April, with the core PPI rising 8.8%, the Bureau of Labor Statistics said.

Because of concerns about how the US economy will be affected by the ongoing monetary tightening in an attempt to curb price hikes, inflation data pressured almost all sectors. Real estate saw the biggest drop during the week, with the sector index down 3.9%, followed by a 3.6% drop in financials, technology declining 3.5%, and consumer appreciation tumbling 3.4%. Only one sector managed to avoid losses this week and that was the basic consumer goods sector which gained 0.3%.

The economic data expected this week includes retail sales, building permits and existing home sales for April.

Technically, the index is trying with its recent rise to compensate for part of what it incurred from previous losses.  At the same time, it is trying to dispose of some of its clear oversoldness with the relative strength indicators, especially with the emergence of a positive crossover in them. This came in light of its trading within the range of a descending corrective price channel that limits its previous trading in the short term. It is shown in the attached chart for a (daily) period, with the negative pressure continuing to trade below the simple moving average for the previous 50 days.

Therefore, our expectations suggest a return to the index’s decline during its upcoming trading, especially in the event of confirming its breach of the support level 32,071.40, to target the support level 30,547.50.