Final week, the Dow Jones closed across the highs as
the market continued to commerce on the soft-landing narrative. In truth, regardless of
the marginally greater than anticipated US CPI figures,
the US Jobless Claims improved
additional and the US PPI information
missed forecasts. Furthermore, the Fedspeak has been usually impartial with no
sturdy pushback towards the market’s charge cuts expectations. At the moment, the market
shall be closed for MLK Day, however we can have some essential occasions all through
the week.
Dow Jones Technical
Evaluation – Each day Timeframe
Dow Jones Each day
On the every day chart, we will see that the Dow Jones not too long ago
bounced on the pink 21 moving average and managed
to print a brand new all-time excessive. The sellers stepped in to place for a
correction into the 37066 degree, however they’ll want a break beneath the shifting
common to additional improve their bearish bets. The patrons, alternatively,
are prone to lean once more on the shifting common to place for a rally into
one other all-time excessive.
Dow Jones Technical
Evaluation – 4 hour Timeframe
Dow Jones 4 hour
On the 4 hour chart, we will see that the
trendline that’s
been defining the uptrend since final November received breached not too long ago. We are able to
additionally discover that the value is diverging even
extra with the MACD after
posting a brand new all-time excessive final week. That is usually an indication of weakening
momentum usually adopted by pullbacks or reversals. On this case, it may be
one other bearish confluence for
the sellers.
Dow Jones Technical
Evaluation – 1 hour Timeframe
Dow Jones 1 hour
On the 1 hour chart, we will see extra
carefully the present value motion and the divergence with the MACD. We are able to additionally discover
that the value had a tough time breaking above the 37777 excessive with a number of
rejections and ultimately a pullback. The sellers will wish to see the value
breaking beneath the swing low across the 37425 degree to extend the bearish
bets, whereas the patrons will seemingly lean on the swing low degree to attempt one other
breakout.
Upcoming Occasions
Tomorrow, all eyes shall be on Fed’s Waller because the
market shall be wanting to see if he decides to pushback towards the aggressive
charge cuts expectations. On Wednesday, we’ll get the US Retail Gross sales report
whereas on Thursday we’ll see the newest US Jobless Claims figures. Lastly, on
Friday, we conclude the week with the College of Michigan Client Sentiment
survey.
