Dow Jones Futures Retreat On Trade Deal Profit Taking
Wall Street futures point for a negative start the week. The Dow Jones giving up 0.28% at 26,699. The Nasdaq futures currently trading 0.31% lower at 7,834, while the S&P 500 futures trading 0.25% lower at 2,963; snapping three consecutive days of gains as investors digested the partial trade deal last Friday. USA would suspend the tariff hike on $250bn of Chinese imports that is due to kick in on Tuesday in exchange for China buying between US agricultural products.
Dow Jones futures retreat from two-week highs while keeps the positive momentum. On the upside immediate resistance is at 26,894 today’s high and then at 27,036 the high from October 1st. A break above that level will open the way for a move up to all-time high. On the downside, Dow Jones first support stands at 26,637 today’s low and then at 26,471 the 100-day moving average, a break below might accelerate the move to the next support level at 26,000 and the 200-day moving average. The technical outlook for Dow Jones is bullish, and only a break below 26,400 will question the positive momentum.
The European Indices trading lower today, the DAX 30 is 0.55 percent lower at 12,444 while CAC 40 in Paris trades 0.70 percent lower at 5,626. The FTSE 100 is 0.44 lower at 7,2015.