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Dow: Breaking down

Fundamental analysis:

On Thursday (August 24), the U.S. unemployment data fell instead of rising last week. Some Fed officials said that further interest rate hikes may be needed. U.S. bond yields rose. The three major U.S. stock indexes collectively closed down. The Dow fell 1.08%.

DJ30 four-hour chart

Brief technical analysis:

Looking at the 4-hour chart, the Dow fell below 34300 and hit a new low again. The MACD remained below the zero axis, and the support at 34300 turned into resistance. Look at 33900-33600 below.

Resistance level: 34300 34700
Support level: 34300 34000

Trading strategy: Bullish above 34300, target 34700 35000
Alternative strategy: bearish below 34300, target 33900 33600

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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