Dow Futures Slide 130 Pts as Investors Await Big Tech Earnings

U.S. stock futures were pointing to a slightly lower open on Wall Street on Tuesday as investors awaited high profile earnings from some big tech names which should give insight into the health of the economy.

At 06:54 ET (10:54 GMT), the Dow futures contract was down 130 points, or 0.4%, S&P 500 futures traded 13 points, or 0.3%, lower, and Nasdaq 100 futures edged down 0.1%.

The main U.S. indices rose broadly on Monday after data showing that U.S. business activity contracted for a fourth straight month raised hopes that the effects of the Federal Reserve’s aggressive rate hikes aimed at cooling the economy are beginning to take hold, which in turn raised hopes that the central bank could begin slowing the pace of the hikes.

Third quarter earnings season is due to ramp up this week with a slew of heavy-hitting tech and industrial companies reporting.

Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) are both due to report on Tuesday, followed by Meta Platforms (NASDAQ:META) on Wednesday. Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) will wrap up the FAANGs on Thursday.

DOW JONES Technical Analysis: Daily Chart

In the daily charts, DOW JONES is trading in an up channel. DOW JONES is currently trading above all SMA.

RSI is in over bought zone which indicates mild bearishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 31240.00 & the resistance level is at 31998.00.

DOW JONES INDEX will trade in an up channel until there is trend reversal.   

How to Trade DOW JONES INDEX this Week:

DOW JONES INDEX will follow the uptrend until there is trend reversal. So, remain bullish on DOW JONES INDEX.

TRADE SUGGESTION- BUY AT 31424.00, TAKE PROFIT AT 31998.00 AND STOP LOSS AT 31240.00