Dow Jones Technical Analysis: Index Rises Along A Bearish Co

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(MENAFN– Daily Forex) The Industrial Average rose during its recent trading at the intraday levels, to achieve gains for the second consecutive day. It went up by 1.31%, to gain about 423.78 points, and settled at the end of trading at the level of 32,827.01, after rising by 1.26% in Friday’s trading.

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The Dow jumped more than 400 points on Monday, led by gains in shares of Walgreens Boots Alliance Inc. WBA shares 4.10%, Salesforce Inc CRM shares 3.45%, Boeing Co. BA at 3.06%.

Investors are now focused on the midterm elections later Tuesday, which will determine which party will control Congress. That’s because there is a potential for tax hikes, and any kind of massive spending is likely to be viewed as inflationary.

Traders are divided over whether the Federal Reserve will raise interest rates by 50 basis points or 75 basis points at the US central bank meeting in December. Dow Jones Technical Analysis

Technically, the index’s rise comes with the support of its continuous trading above its simple moving average for the previous 50 days. In front of that the index continues to move along a corrective slope line in the short term, as shown in the attached chart for a (daily) period, with the influx of negative signals on the strength indicators. This is relative, after reaching earlier areas of severe overbought.

Therefore, our expectations still suggest a return to the index’s decline during its upcoming trading, throughout the stability of the important 33,272.30 , to target the first support level, at 31,598.50.

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