Dow Jones News And Technical Analysis Forecast
02 Dec 2022
Dow Futures slip ahead of November jobs report
The Dow Jones Industrial Average fell on Thursday, relinquishing some of the big gains seen in the prior session as investors awaited jobs data coming Friday that could determine the pace of the Federal Reserve’s future rate tightening.
U.S. stock index futures edged lower on Friday as investors await the monthly jobs report for November, which would provide more clues on the Federal Reserve’s path of monetary tightening.
Wall Street indexes closed mixed on Thursday following a sharp rally the day before sparked by Fed Chair Jerome Powell’s comments on scaling back interest rate hikes as early as December.
Thursday’s moves followed a mixed bag of economic data, including the personal consumption expenditure index, the Fed’s preferred inflation metric, which was better than expected, while manufacturing activity shrank in November for the first time in 2-1/2 years.
DOW JONES INDEX TECHNICAL ANALYSIS
In the daily chart, Dow Jones is currently trading in an up channel.
Dow Jones is currently trading above all SMA
RSI is in buying zone which suggests bullishness and Stochastic is suggesting up trend.
Dow Jones’s immediate resistance is at 34432 & its immediate support level is at 34321
HOW TO TRADE DOW JONES INDEX IN THIS WEEK
Dow Jones is moving in up channel; it will remain in up channel until any trend reversal. So, remain bullish on it.