Dow Jones Close to Record Highs Ahead of US Consumer Confidence

Dow Jones Industrial finished close to record highs helped by positive headlines from the trade negotiations and some M&A news. Nasdaq and S&P finished to all-time highs. TD Ameritrade agreed to be bought by Charles Schwab in an all-share deal valued at around $26.0bn. The Chicago Fed’s national activity index came in at -0.71 below forecasts of -0.20. Stocks boosted by low-interest rate environment while Fed also said it would buy some $60 billion a month in T-bills.

Later today traders await the US consumer confidence for the November and new-home sales for October.

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Dow Jones Technical Analysis

The index is trading close to all-time highs closed yesterday at 28,066.5 as the bullish momentum drives the index. The uptrend which started in 2019 is still intact as the Dow Jones continues making higher highs and higher lows. On the upside in our daily chart there is only one resistance at 28,090.21 before the index visit unchartered territories. A trade deal agreement can be the catalyst for fresh record highs.

On the downside, first resistance for the index stands at 27,917 while more bids might emerge at 27,687 the low from November 20. The 50-day moving average at 27,123 will provide extra support for the index.More content