Dow Jones Higher Despite Political Turbulence

Wall Street indices started mixed today with the Dow Jones adding 0.55% at 26,954.81. The Nasdaq currently is trading 0.23% lower at 7,975, while the S&P 500 trading 0.05% lower at 2,964.85 after Nancy Pelosi formally initiated impeachment proceedings against President Trump weigh on investors sentiment. On Brexit front, MPs were set to reconvene after the Supreme Court ruled PM Boris Johnson’s decision to prorogue parliament was unlawful, with many opponents now asking for his resignation.

The CBOE Volatility Index or fear index is adding 2.05% at 17.41 just to confirm the nervous market mood.

Dow Jones recovers some of yesterdays losses as it comfortably holds above the 200-day moving average as bulls are in control. On the upside immediate resistance is at 26,984 today’s high and then at 27,273 the high from July 31st. On the downside, Dow Jones first support stands at 26,755 today’s low and then at 26,592 the 200-day moving average, a break below might accelerate the move to the next support level at 26,369 and the 100-day moving average. The technical outlook for Dow Jones is bullish, and only a break below 26,000 will question the positive momentum.

The European Indices trading lower today, the DAX 30 is 0.96 percent lower at 12,188 while CAC 40 in Paris trades 1.23 percent lower at 5,559. The FTSE 100 is 0.32 lower at 7,267.

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Dow Jones Higher Despite Political Turbulence
Dow Jones Higher Despite Political Turbulence

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