Dow Jones started the session yesterday lower amid the tensions in the Middle East, but managed to recover after reports that US troops might withdraw from Iraq. The Dow Jones closed up 0.24% at 28,703. The ISM reported that manufacturing activity contracted in December, dropped from 48.1% in November to 47.2% the weakest reading since June 2009. Today on the data front traders await the ISM report on the non-manufacturing activity the factory orders and the latest trade gap data.
InvestingCube's S&R Levels
Analysts for the ISM Non-Manufacturing PMI forecast a reading of 54.4 above the previous reading of 53.9. The ISM Non-Manufacturing Employment expected at 56.3.
The Dow Jones futures as of writing are 0.06% higher at 28,659.
Dow Jones stocks were set for a slightly positive open on Tuesday as investors focus has shifted to the developments in the Middle East. On the technical side the index outlook is bullish as the positive momentum from 2019 drives investors sentiment.
On the downside, immediate support for Dow Jones index stands at 28,418 the low from yesterdays. Id the sellers return to the index might target the 50-day moving average at 27,916. Next support stands at 27,242 the 100-day moving average.
On the upside in our daily graph first resistance stands at 28,708 the daily top and then the 28,800 round figure which guards the record high at 28,872.80.