Γ—
New

Dow Jones - strong day yesterday, more upside near term?

Chart & Data from IG

By Minipip
linkedin-icon google-plus-icon
Strong day yesterday, more upside near term?

A strong day yesterday from the Dow Jones, closing the session almost 1% up after its peers Nasdaq and SP500 closed the session lower. Perhaps the Dow has been a laggard here, with potential for some further upside in the near term as the other two take a breather from the ongoing rally from the AI frenzy. Currently, the Dow trades at around 39,125 in the pre-market trade. The index has now approached the resistance of 39,150-39,224, a close above this level to finish the week would certainly create some bullish optimism heading into next week. The index would then face resistance at 39,429 followed by 39,584. Looking at the downside, it can be argued that the support is around 38,983, which is the previous resistance area for intraday timeframes. A break below 38,983 could see a re-test of yesterday's low of 38,763. However, the technical indicators continue looking positive and support the near-term bullish bias. The MACD gradient is widening and the RSI is now positive as it reads 56.

Latest News View More