Dow Futures Rise 185 Pts; ISM Manufacturing PMI Release Due
U.S. stocks are seen opening higher Monday, rebounding after the previous torrid quarter as investors prepare for more volatility at the start of a week which includes the latest U.S. jobs report.
At 07:00 ET (11:00 GMT), the Dow Futures contract was up 185 points, or 0.6%, S&P 500 Futures traded 20 points, or 0.5% higher, and Nasdaq 100 Futures climbed 10 points, or 0.1%.
The main equity indices closed sharply lower Friday, posting their third straight quarterly decline. The blue-chip Dow Jones Industrial Average dropped over 500 points, closing below 29,000 for the first time since November 2020.
The Dow fell 6.7% to notch a three-quarter losing streak for the first time since the third quarter of 2015, while the broad-based S&P 500 dropped 5.3% and the Nasdaq Composite fell 4.1%, falling for their third consecutive negative quarter for the first time since 2009.
Markets have been roiled by stubbornly high inflation, rising interest rates, and recession fears, and these concerns remain in place as the final quarter of the year starts.
DOW JONES Technical Analysis: Daily Chart
In the daily charts, DOW JONES is trading in down channel. DOW JONES is currently trading below all SMA.
RSI is in over sold zone which indicates mild bullishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 28757.00 & the resistance level is at 29802.00.
DOW JONES INDEX will trade in down channel until there is trend reversal.
How to Trade DOW JONES INDEX this Week:
DOW JONES INDEX will follow the downtrend until their trend reversal. So, remain bearish on DOW JONES INDEX.
