DJIA stuck at key resistance and confluence level, but enjoys best January since 1989

Wall Street was a mixed end tot he week and month, with the S&P 500 and Nasdaq closing in the green but the DJIA as the laggard falling behind the curve.
The S&P 500 rose 0.9% to end around 2,705.
The Dow Jones Industrial Average fell 12 points, or less than 0.1%, to 25,002.
The Nasdaq Composite advanced 1.4% to end near 7,282.

Ross J Burland FXStreet

U.S. stocks ended a touch higher on Thursday, following the Fed turning neutral and confirming market's suspicions. Data will be the key driver from here as well as progress between the US and Chinese trade talks.

While the DJIA ending slightly lower on the session, for the month, the index enjoyed its best January since 1989, while the S&P posted its best January since 1987 as investors get set for a retrun of the reflation trade and easier money. Additionally, the sound bites from Sino/US trade talks were flowing and positive, stoking investor risk appetite to the upside. Sweeping across the benchmarks, shares of Facebook Inc. stood out, surging 11% after the social media firm reported record profit numbers. However, the top performer in the DJIA was Pfizer, higher by 2.98%. Caterpillar followed at 2.34% higher and Procter & Gamble added 2.06%. Dowpupont Inc dropped over 9% and was followed by Goldman Sachs down by 2.21%.

DJIA levels

Support levels: 24902 24697 24169
Resistance levels: 25225 25431 25754

The index is stuck around the 61.8% Fibo retracement of the Oct 2018 decline and the technical death cross, (50 crossed below the 200 D SMA mid-Dec) lean bearishly on the index. A significant correction in the index will now target 9th Jan swing high at 24025. Bulls will now target a break and hold above the 61.8% fibo and the confluence of the 100/200-D SMA for a run towards R3 located at 25754.

DJIA

Overview:
    Today Last Price: 25080
    Today Daily change: 56.00 pips
    Today Daily change %: 0.22%
    Today Daily Open: 25024
Trends:
    Daily SMA20: 24347.7
    Daily SMA50: 24131.56
    Daily SMA100: 24925.6
    Daily SMA200: 25067.58
Levels:
    Previous Daily High: 25112
    Previous Daily Low: 24586
    Previous Weekly High: 24858
    Previous Weekly Low: 24246
    Previous Monthly High: 26076
    Previous Monthly Low: 21684
    Daily Fibonacci 38.2%: 24911.07
    Daily Fibonacci 61.8%: 24786.93
    Daily Pivot Point S1: 24702.67
    Daily Pivot Point S2: 24381.33
    Daily Pivot Point S3: 24176.67
    Daily Pivot Point R1: 25228.67
    Daily Pivot Point R2: 25433.33
    Daily Pivot Point R3: 25754.67

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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