Dow Futures Fall 120 Pts; Earnings in Focus as Week Closes

Dow Futures

DOW JONES is trading down 1.05% at 34792.77

U.S. stocks are seen opening marginally lower Friday, continuing the previous session’s selloff on fears of sharp monetary policy tightening while quarterly corporate earnings continue to emerge.

At 7 AM ET (1100 GMT), the Dow Futures contract was down 120 points, or 0.4%, S&P 500 Futures traded 14 points, or 0.3%, lower and Nasdaq 100 Futures dropped 36 points, or 0.3%.

The three main Wall Street indices closed substantially lower Thursday after Federal Reserve Chairman Jerome Powell offered up his most aggressive approach to taming inflation to date, largely cementing a 50-basis-point rate hike at the central bank’s May meeting.

The blue-chip Dow Jones Industrial Average closed more than 300 points, or 1.1%, lower, the broad-based S&P 500 fell 1.5% and the tech-heavy Nasdaq Composite suffered the most, dropping 2.1%.

Looking at the week as a whole, the Dow is on course to register a gain of 1%, which would break a three-week losing streak, the S&P 500 is largely flat, and the Nasdaq Composite is down 1.3%, which would be its third consecutive losing week.

On technical fronts DOW JONES RSI stood at 49.86 and currently it is trading below 5 days MA & above 10 and 20 days MA. So, SELL position can be taken with following target and stoploss:

TRADE SIGNAL – : DOW JONES – SELL: 34626.00, TARGET: 34435.00, STOP LOSS: 34782.00

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