DJ 30 WOBBLY ON WEAK BANK EARNINGS AND PHILLY FED
DJ 30 futures are currently trading at 24157- lower by 0.016% as compared to the previous close. However, the contract closed in positive territory in the last trading session.
In the Cash Markets, the DJIA fell 81 points at the open as Home Depot and Caterpillar lagged. U.S. equities were trading mixed on Thursday as investors digested quarterly earnings results and watched for impact from a nearly one-month partial shutdown of the government.
Also weighing on markets was news reported late Wednesday that federal prosecutors have launched a criminal investigation of China’s Huawei Technologies Co. for allegedly stealing trade secrets from American corporations it does business with.
Top gainers in the Dow Jones include DowDuPont (up 1.71%), Boeing (up 1.1%), and Nike (up 0.83%) at the time of writing.
Among index-members, American Express is scheduled to report its quarterly results after the market close today.
On the economic front, the Philadelphia Fed Manufacturing Index for January released earlier today came in at 17. The index reading was above the market expectation. The index reflects the health of the manufacturing sector in Pennsylvania, Delaware and New Jersey.
On the technical front, the RSI is currently at 58.23% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
Overall Bias is positive and Short-term trades can be initiated with tight Stop Loss and Take Profit targets.
Trade Suggestion-Limit But At 24100, Take Profit At 24240 Stop Loss At 24030