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Dow Jones Retreat, Ahead of PMI

Dow Jones
Dow Jones

Wall Street indices started lower today with the Dow Jones giving up 0.30% at 26,856.60. The Nasdaq currently is trading 0.16% lower at 8,104, while the S&P 500 trading 0.20% lower at 2,986.85 after renewed concerns on US-China trade tensions as Chinese officials cancelled the trip to farms in USA. On the macro front, the United States Chicago Fed National Activity Index came in at 0.1, topping expectations of -0.35 in August.

The CBOE Volatility Index or fear index is adding 9.25% at 15.35 just to confirm the nervous market mood.

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Dow Jones retreats today from recent high but holds above the 200 day moving average as bulls are in control. On the downside, Dow Jones first support stands at 26,831 today’s low and then at 26,610 the 200 day moving average, a break below might accelerate the move to the next support level at 26,359 and the 100-day moving average. On the upside immediate resistance is at 26,898 today’s high and then at 27,273 the high from July 31st. 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 1.07 percent lower at 12,334 while CAC 40 in Paris trades 1.01 percent lower at 5,633. The FTSE 100 is 0.16 lower at 7,333.Download our latest quarterly market outlook for our longer-term trade ideas.

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