Wall Street index futures contracts in premarket point for a positive start the week. The Dow Jones adds 0.12% at 26,785. The Nasdaq futures currently trading 0.26% higher at 7,901, while the S&P 500 futures trading 0.21% higher at 2,994; Traders closely follow the developments in Brexit agreement and the US-China trade relations. The Q3 earnings season includes this week companies like Facebook (FB), Microsoft (MSFT), AMD, Amazon (AMZN), Twitter, and Intel. Secretary of Commerce, Wilbur Ross said that USA would be very happy to do a trade agreement with the UK after Brexit. On the US-China trade conflict, said that a trade deal with China doesn’t have to be finalised in November adding that they want to be sure that the deal is right.
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Dow Jones Futures Support and Resistance
Dow futures contracts rebound from Friday’s steep losses while keeping the positive short term momentum. On the upside the first hurdle is at 26,837 today’s high and then at 27,080 the high from October 17. A break above that level will open the way for a move up to all-time highs. On the flip side, Dow Jones benchmark first support stands at 26,715 today’s low and then at 26,555 the 100-day moving average, a break below might accelerate the move to the next support level at 26,083 and the 200-day moving average. The technical outlook for Dow Jones is bullish, and only a break below 26,500 will question the positive momentum.
The European Indices trading higher, the DAX 30 is 0.76 percent higher at 12,730 while CAC 40 in Paris trades 0.22 percent higher at 5,647. The FTSE 100 is 0.18 higher at 7,163.Download our latest quarterly market outlook for our longer-term trade ideas.
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