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We expect the index to return to decline during its upcoming trading.
The Dow Jones Industrial Average rose during its recent trading at the intraday levels, to achieve gains in its last sessions, by 0.70%. It gained about 238.06 points, at the end of trading at the level of 34,049.47, after declining in Friday’s trading by -2.82%.
US stocks rose late in the session on Monday, ahead of earnings reports from major tech names later this week, with the Dow Jones Industrial Average posting its biggest intraday turnaround in two months, as investors shrugged off early fears linked to expanding China’s COVID shutdowns.
In US economic news, Chicago Fed activity fell to 0.44 in March, a three-month low, from 0.54 the previous month, in line with a drop to 0.45 in a Bloomberg survey. The Dallas Fed Manufacturing Survey fell to 1.1 in April from 8.7 in March, with lower production and employment readings offsetting gains in new orders and prices.
Technically, the index is moving in its recent trading within the range of a bearish corrective price channel that limits its previous trades in the short term, as shown in the attached chart for a (daily) time period. Its recent rise compensates part of what it incurred from previous losses, and at the same time it is trying to discharge some of its clear oversold areas using the relative strength indicators, especially with the beginning of a positive crossover in them.
Therefore, we expect the index to return to decline during its upcoming trading, as long as the resistance level 34,665.50 remains, to target the pivotal support level 32,578.70.
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