Dow Jones industrial futures index has been trading upward above 200-day EMA since July 2021.
Buyers have already started the new year so fresh being in charge after rebounding from the 200-day exponential moving average in early December 2021. They are currently struggling to break the 36700-major-barrier in order to run the bull market higher.
In the event that they continue to drive the market, the index may find its initial resistance around the 36870 level. Pushing above this hurdle, a higher level of interest will emerge around the 37190-stretch. Gaining positive momentum can let the bulls push further and target the 37780 resistance area.
On the flip scenario, if sellers win the battle around the 36700-Hurdle, the immediate support may come from the previous resistance of 36230. A sustained break below this latter can lead to further losses towards 35635. In the case that 50-day EMA can't offer support to the price, bears are expected to aim for the 34675-handle.
The momentum oscillators indicate a bullish bias. RSI is trending upward in the buying region, and the momentum is ascending sharply. At the same time, the MACD bar is rising above its signal line in positive territory.
Dow Jones bulls attempt to post new record highs
The content of this material and/or any information provided should in no way be construed, expressly or by implication, directly or indirectly, as advice, recommendation, or suggestion of an investment strategy in relation to a financial instrument and is not intended to provide a sufficient basis for making investment decisions in any way. Any information, views or opinions presented in this material have been obtained or derived from sources believed to be reliable, but Errante makes no warranty as to their accuracy or completeness. Errante accepts no liability for losses arising from the use of this data and information. The data and information contained herein are for background purposes only and make no claim to be complete or comprehensive.
Recommended Content
Editors’ Picks
EUR/USD fluctuates in daily range above 1.0600
EUR/USD struggles to gather directional momentum and continues to fluctuate above 1.0600 on Tuesday. The modest improvement seen in risk mood limits the US Dollar's gains as investors await Fed Chairman Jerome Powell's speech.
GBP/USD stabilizes near 1.2450 ahead of Powell speech
GBP/USD holds steady at around 1.2450 after recovering from the multi-month low it touched near 1.2400 in the European morning. The USD struggles to gather strength after disappointing housing data. Market focus shifts to Fed Chairman Powell's appearance.
Gold aiming to re-conquer the $2,400 level
Gold stages a correction on Tuesday and fluctuates in negative territory near $2,370 following Monday's upsurge. The benchmark 10-year US Treasury bond yield continues to push higher above 4.6% and makes it difficult for XAU/USD to gain traction.
XRP struggles below $0.50 resistance as SEC vs. Ripple lawsuit likely to enter final pretrial conference
XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court.
US outperformance continues
The economic divergence between the US and the rest of the world has become increasingly pronounced. The latest US inflation prints highlight that underlying inflation pressures seemingly remain stickier than in most other parts of the world.