Dow 4 Sep Forex Technical Analysis by FxBinaryPoint
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Wall Street rallied at the opening, but faded before the closing bell, with the indexes closing barely unchanged daily basis. The Dow Jones Industrial Average surged 23 points and ended the day at 16,374.76, down from a daily high around 16,554. The initial rally came after yesterday's big rebound and local positive data, showing the services sector keeps growing. However, investors choose to take profits out of the table ahead of Friday's US employment report, the ultimate risk event ahead of FED's economic policy meeting in two weeks.
Technically, the downward potential is firm in place, as the daily chart maintains the negative tone seen on previous updates, with the index well below its moving averages and the technical indicators unable to pick up below their mid-lines. The 4 hours chart presents a neutral stance, with the index hovering above a bearish 20 SMA and the technical indicator losing their upward strength, barely above their mid-lines. The index upcoming direction will likely be determinate by how the market understands the employment figures, as if investors suspect that the FED may raise rates as soon as this month, stocks may plummet by reflex.
Support levels: 16,319 16,204 16,072
Resistance levels: 16,391 16,446 16,554