. Dow Jones Index Price And Weekly Charts Analysis - 11 April 2023

Dow Jones Index Price And Weekly Charts Analysis – 11 April 2023

Dow Jones Index Price And Weekly Charts Analysis – 11 April 2023

11 Apr 2023

Ahead of important inflation data, the Dow futures surge.

U.S. stocks are seen opening marginally higher Tuesday, with investors wary ahead of the release of key inflation data and the minutes of the last Federal Reserve meeting later in the week. 

The Dow Jones Industrial Average rose 60 points or 0.2%

Investors are anticipating the March readings of the consumer price index, due Wednesday, and the producer price index, out Thursday. Both inflation metrics could give further clarity into how the Federal Reserve might proceed on its rate-hiking campaign.

“The market is saying that peak tightening is behind us, and now the data must confirm that that’s the direction that we’re heading in. And that can’t be determined until we get those data points to start coming in in real-time. But I think that’s what the market is waiting on,” said Keith Buchanan, senior portfolio manager at Globalt Investments.

Further, Wall Street is heading toward another season of earnings announcements, with several major U.S. banks scheduled to release their earnings reports for the first time since the series of bank crises in March. JPMorgan Chase, Wells Fargo, and Citigroup are set to report Friday.

The economy created 236,000 jobs last month, pushing the unemployment rate down to 3.5% at more than 50-year lows.

This indication of continued strength in the labor market has raised fears that the Federal Reserve will continue to raise interest rates,

Investors will focus this week on the second part of the Fed’s dual mandate – price stability – for further clues as to the U.S. central bank’s appetite for further aggressive rate hikes.

DOW JONES TECHNICAL ANALYSIS DAILY CHART:

Dow Jones is currently trading in the up channel.

Dow Jones is currently trading above all SMA.

RSI is in buying zone which suggests bullishness and Stochastic suggests an up trend.

Immediate resistance is at 33849.33 & its immediate support level is 33711.51

HOW TO TRADE DOW JONES IN THIS WEEK

The Dow Jones is currently moving up in a channel; it is currently trading at the key resistance zone, if it breaks it and maintains above the resistance zone, we may experience an upside.

TRADE SUGGESTION-BUY AT 33617.19, TARGET AT 33719.05, SL AT 33541.29