INDEX NEW DOW JONES NEWS & TECHNICAL ANALYSIS – 09 FEBRUARY 2023
09 Feb 2023
Dow futures gained 220 points, as Disney surges following solid results
U.S. stocks are seen opening higher Thursday, boosted by well-received quarterly results from entertainment giant Walt Disney (NYSE: DIS) Ahead of the release of weekly unemployment data.
the Dow futures contract was up 220 points.
The blue-chip Dow Jones Industrial Average closed over 200 points, or 0.6% lower, Wednesday.
New York Fed President John Williams stated Wednesday that monetary policy may have to be restrictive for a few years to get inflation to the central bank’s target, while Fed Governor Chris Waller said the policymakers aren’t seeing signals that inflation is declining quickly.
The path of the country’s inflation remains the dominant theme, but investors will also keep an eye on the release of the weekly jobless claims later in the session, especially after Friday’s strong official jobs report.
In the corporate sector, Disney stock climbed over 6% premarket after the entertainment giant announced stronger-than-expected first-quarter results, helped largely by growth in its parks business, where revenue jumped 21% to $8.74 billion.
MGM Resorts (NYSE: MGM) Stock rose 6.2% and Wynn Resorts (NASDAQ: WYNN) Stock rose 5.6%, with both casino operators showing more evidence of consumers spending on personal entertainment.
DOW JONES TECHNICAL ANALYSIS
Dow Jones is currently trading in 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 immediate resistance is at 34258 & its immediate support level is 33991
HOW TO TRADE DOW JONES IN THIS WEEK
Dow Jones is trading in up channel; it will continue to trade upside until any trend reversal so, remain bullish on it.