Wall Street indices started higher today with the Dow Jones adding 0.27% at 26,944.12. The S&P 500 adds 0.33% at 2,991, while the Nasdaq is 0.69% at 8,231 after the Fed cut the interest rates yesterday by 25 bp while earlier the Initial Jobless claims came in better than forecasts. The July ISM manufacturing index came in at 51.2 missing expectations of 52.0.
Dow Jones trading above all the key daily moving averages despite yesterday’s slump and the bulls are still controlling the game for the short term while for the midterm is on a rising trend channel. On the upside immediate resistance is at 27,248 yesterday’s high and then at 27,360 the all time high. On the downside Dow Jones first support stands at 26,966 today’s low and then at 26,468 the 50 day moving average while more bids will emerge at 26,272 the 100 day moving average. Traders keep their long positions as far the index is trading above the 26,500 mark.
The European Indices trading mixed today after disappointing PMI’s earlier, the FTSE 100 is 0.49 percent lower at 7,550 as the pound trades at 1.2100. DAX 30 is giving up 0.08 percent at 12,178 while CAC 40 in Paris is 0.07 percent higher at 5,521.Don’t miss a beat! Follow us on Twitter.