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Dow Jones Technical Analysis: The Index Is Losing Its Positive Momentum

Private payrolls grew by 208,000 in September, compared to an upwardly revised 185,000 in August. Market expectations were for an estimated increase of 200,000 jobs.

The Dow Jones Industrial Average declined in its recent trading at the intraday levels, to break a series of gains that continued for two consecutive days. It recorded losses in its last sessions, falling by 0.14%, to lose about 42.45 points to settle at the end of trading at 30,273.88, after rising 2.80% in Tuesday.

The ADP's national employment report on Wednesday showed that US private sector employers ramped up hiring in September. This suggests that higher interest rates and tighter financial conditions did not curb demand for labor as the Federal Reserve battles high inflation.

Private payrolls grew by 208,000 in September, compared to an upwardly revised 185,000 in August. Market expectations were for an estimated increase of 200,000 jobs.

The Institute for Supply Management's services index fell to 56.7 in September from 56.9 in August, but it beat the consensus on Econoday with an estimated reading of 56. There were declines in new orders and production readings, while the employment reading rose.

The Federal Reserve is now expected to deliver its fourth consecutive rate hike of 75 basis points when policymakers meet on November 1-2, as Fed Funds futures pricing shows.

Meanwhile, San Francisco Fed President Mary Daly told Bloomberg TV in an interview that inflation is a problem, and that the US central bank will continue its course. "The path is clear: We'll raise rates to a restricted area, and then keep them there for a while," Daly added. "We are committed to lowering inflation, staying on track until we get really good."

Dow Jones Technical Analysis

  • Technically, the recent index’s decline comes amid the dominance of the bearish corrective trend in the short term and its trades along a bearish trend line, as shown in the attached chart for a (daily) period.
  • Negative pressure continued for its trading below the simple moving average for the previous 50 days. In addition to that, we note the arrival of Relative strength indicators are overbought areas, exaggeratedly compared to the movement of the indicator.

Therefore, our expectations indicate a further decline for the index during its upcoming trading, especially if its stability returns below the 29,653.30 support level, to target the 28,402.50  support level after that.

Dow Jones Industrial Average

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Akram Adel
About Akram Adel
Akram has experience working in the Forex industry since 2008. He works as a trainer and lecturer for technical analysis, trading strategies, and foundations of risk and capital management. In addition, he has experience with topics in the financial markets on many well-known sites that specialize in this field. Akram currently writes for a number of sites by providing accurate and professional articles and daily reports.

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