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Dow Jones Retreat over US-China Trade Pessimism

Dow Jones New York Stock Exchange
Dow Jones

Wall Street indices started the session lower amid US-China trade deal pessimism.  The Dow Jones gives up 0.46% at 27,066. The Nasdaq currently trading 0.19% lower at 8,288, while the S&P 500 futures trading 0.33% lower at 3,036. Investors digest the Fed decision to cut interest rates for 3rd time in a row by 25 basis point even with Wall Street close to record highs. On our busy economic calendar today the  Chicago Purchasing Managers’ Index came in at 43.2, below forecasts of 48 in October.

The US Initial Jobless Claims registered at 218K, topping expectations of 215K in October 25, while the Continuing Jobless Claims came in at 1.69M, above the forecasts of 1.68M in October 18. United States Personal Income (MoM) came in at 0.3% in line with expectations for September.

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Dow Jones Resistance and Support Levels

Dow futures trade lower today but keep the bullish short term momentum. On the downside, Dow Jones first support stands at 27,018 today’s low and then at 26,706 the 50-day moving average, a break below might accelerate the move to the next support level at 26,658 and the 100-day moving average. On the upside the first resistance stands at 27,188 today’s high and then at 27,274 the high from September 19th. A break above that zone will open the way for a move up to all-time highs for the Dow futures at 27,384. The technical analysis outlook for Dow Jones is bullish and is safe for bulls as far as the index trades above 26,500.

European equity indices trading lower, the DAX 30 is 0.14 percent lower at 12,891 while CAC 40 in Paris trades 0.35 percent lower at 5,745. The FTSE 100 is 1.07 lower at 7,252.Download our latest quarterly market outlook for our longer-term trade ideas.

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