September E-mini Dow Jones Industrial Average futures are trading flat early Thursday as investors take a breather ahead of today’s weekly initial claims report. Economists polled by Dow Jones expect first-time applications to have decelerated to 950,000 during the week-ending August 29. That would mark a reduction from the prior week’s print, which exceeded 1 million first-time applicants.
At 05:45 GMT, September E-mini Dow Jones Industrial Average futures are trading 29016, down 74 or -0.20%.
In economic news, U.S. private payrolls increased last month from July, according to the ADP report, but fell short of economists’ forecast. Investor focus will now be on the government’s comprehensive employment report which is slated for Friday.
The Dow hit its session high in the last hour of trading after losing ground briefly following the Federal Reserve’s “Beige Book” report which showed a modest increase in activity for U.S. businesses and an increase in employment through late August, while economic growth remained sluggish in parts of the country.
Daily Swing Chart Technical Analysis
Daily September E-mini Dow Jones Industrial Average
The main trend is up according to the daily swing chart. A trade through 29152 will signal a resumption of the uptrend. The main trend will change to down on a trade through 28257.
The new minor range is 28257 to 29152. Its 50% level at 28705 is the nearest support.
The second minor range is 27392 to 29152. Its 50% level at 28272 is another potential support level. This is the last support before the main bottom.
Short-Term Outlook
Traders should note that the new main bottom or change in trend point at 28257 is a lot closer than the change in trend points in the S&P 500 and NASDAQ Composite.
Yesterday’s price action suggests that investors may be shifting from growth stocks to value stocks, at least temporarily. On Wednesday, Apple and Tesla shares finished lower, while defensive and cyclical stocks rose.
Finally, traders should be careful chasing rallies or breakdowns because of the light pre-report and pre-holiday volume. It will be very easy to be whip-sawed in this type of trading environment. #DOW##StockMarket#
Reprinted from Fxempire，the copyright all reserved by the original author.
免責事項：本記事で述べられている見解は著者の見解のみであり、Followmeの公式見解を反映するものではありません。Followmeは、提供された情報の正確性、完全性、信頼性について一切責任を負いません。また、書面で明示的に記載されている場合を除き、本記事の内容に基づいて行われたいかなる行動についても責任を負いません。
古いコメントはありません。ソファをつかむ最初のものになりましょう。