- The Dow Jones Industrial Average continued to rise in its recent trading on intraday levels, achieving gains for the sixth session in a row, by 0.08%.
- It added about 28.67 points to the index, to settle at the end of trading at the level of 33,978.09 after the index rose during Thursday’s trading by 0.61%.
- During the past week, the index rose by 1.81%, recording three weeks of gains out of four.
Investors weighed in on a batch of economic data ahead of next week's Federal Reserve meeting, as US core personal consumption expenditures inflation, the Fed's preferred measure of inflation, fell 4.4% in December and posted its smallest annual rise since October. The first is from 2021, paving the way for smaller Fed hikes.
Meanwhile, personal spending in the US fell by 0.2% for the second consecutive month in December, due to higher borrowing costs.
Next week in addition to the Fed meeting and January employment data, there is a series of notable earnings reports, notably from Apple.
Dow Jones Technical Analysis
Technically, the index moves along a bullish corrective slope line in the short term, as shown in the attached chart for a period of time (daily), supported by its continuous trading above its simple moving average for the previous 50-day period. It is extremely oversold so the index prepares in its recent trading to attack the important 34,281.36 resistance level.
Therefore, our expectations indicate more rise for the index during its upcoming trading, especially if it breaches the aforementioned 34,281.36 resistance, to then target the first resistance level at 35,361.36.
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