Summer trading pattern for the dow jones ahead of NFP

Rony Nehme SquaredFinancial

The Dow index did not move much yesterday as markets seem to be returning to their summer trading pattern, with traders waiting for tomorrow’s NFP data to gauge market sentiment. Energy was the outperforming with Chevron one of the top performers as WTI crude oil prices surged to nearly $68.75, its highest closing price since October 2018, after an industry report showed US stock piles fell by as much as 5.36Mb.

Technically speaking, a sustained move below 34575 support level today, will trigger further decline which may be accelerated if price cracks the 4H 50-MA around 34450.

Support: 34575/4000.
Resistance: 34850/35065.

Author

Rony Nehme

SquaredFinancial

Rony has over twenty years of experience in financial planning and professional proprietary trading in the equity and currency markets.

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