Dow Jones is Finding Resistance At 24450
As the United States celebrates Independence Day the Dow Jones and other stock indexes take a breather. The yearly national holiday sees markets close.
It is possibly a good time for this break to arrive. Stocks have looked weary due to a backdrop of self inflicted trade tariff arguments from their wacky President, and a period of Dollar strength which began in March.
The Dow Jones Industrial Average has formed a resistance on the charts around 24450 which it has retested and failed to break 3 times since late June.
This would lead most traders to think that prices will head lower if people are selling at that resistance point each time.
If the lows of the last few weeks break then a sharp move downward to 23800 or 23500 could commence. This being the area where share prices stalled at during the previous drops in March and April.
But fear not. There could be data to save the day.
After the United States comes back online for trading we approach the monthly Friday when all charts get thrown out of the window.
Friday is Non Farm Payroll data day!
With Gold off it’s recent low, Dollar relatively high and stocks looking weak, I wonder whether this data release will give some much needed love to share prices over the coming weeks.
Pete Southern is an active trader, chartist and writer for market blogs. He is currently technical analysis contributor and admin at this here blog.
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