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DJ30: move down low

2023-05-05
803
Fundamental analysis:

The Dow Jones index closed down 286.30 points, or 0.86%, at 33127.94 points on May 4 (Thursday). The employment data is a bit unfriendly to the view that the Fed has definitely ended its interest rate hike cycle. Initial Jobless Claims were closer to expectations, while Continuing Claims actually fell to 1.805K, contrary to economists' expectations for a slight rise to 1.865K.

Dow Jones DJ30 - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term trend in the market remains, the short-term decline may continue, the market as a whole is in a bearish downward trend, the MACD indicator is in the bearish zone and continues to move downward, and the RSI indicator is in the bearish zone to maintain consolidation;

Resistance level: 33314 33410

Support level: 33090 33006

Trading strategy: bearish below 33223, target 33090 33006
Alternative strategy: call above 33223, target 33314 33410

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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