. DOW JONES NEWS AND TECHNICAL ANALYSIS - 11 July 2023

DOW JONES NEWS AND TECHNICAL ANALYSIS

DOW JONES NEWS AND TECHNICAL ANALYSIS

11 Jul 2023

Stock futures increase a little as investors anticipate important inflation data.

As traders wait for important inflation data scheduled for publication later this week, U.S. stock futures marginally increased on Tuesday after the major averages ended a three-day drop.

Dow Jones Industrial Average futures were up 48 points, or 0.1%.

A successful session for the major averages just ended for investors. Monday saw a 209.52 point, or 0.62%, increase in the Dow Jones Industrial Average.

The June consumer price index report, which is due out on Wednesday, and the June producer price index, which is due out on Thursday, will provide information on whether the reduction in inflation has persisted and set the stage for the path that interest rates will take moving forward.

The Federal Reserve’s meeting on July 25–26 is expected to result in another quarter-point increase, according to investors. However, they are uncertain about the central bank’s decision after last week’s persistently strong jobs data sparked worries that rate hikes may resume after the June pause.

The NFIB Small Business Index for June, a gauge of business confidence, is scheduled to be released on Tuesday before the bell. A reading of 90.0 is predicted by economists surveyed by Dow Jones, which would be a small improvement above the 89.4 rating from May.

DOW JONES TECHNICAL ANALYSIS DAILY CHART:

Dow Jones is currently trading in the up channel.

Dow Jones is currently trading above 5&50 all SMA.

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

Immediate resistance is at 34200.04 & its immediate support level is 34040.73

HOW TO TRADE DOW JONES IN THIS WEEK

After rising, the Dow Jones price briefly declined and indicated an interest in moving upward, but on its second attempt, it formed a double top, and the price turned downward. Currently, it is trading near the neckline and the price is signaling an upward trend. It is also currently trading at a significant resistance level; if this level is broken, further upside is possible.

TRADE SUGGESTION- BUY AT 34238.84, TARGET AT 34500.27, SL AT 33993.76