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DOW higher shrugging off weak US jobless claims – DOW JONES: Technical Analysis – 05/06/2020


The Dow took a dip earlier during the Thursday session before recovering to close 11 points higher at 26281. The ECB’S decision to boost its stimulus program was overridden by concerning US economic news; US jobless claims came at nearly 1.9 million while continuing claims unexpectedly rose to 21.5 million. The data indicates a slow recovery for the labor market despite the broad reopening of the economy leaving markets sensitive to today’s NFP report and unemployment data. Looking ahead, the upside bias remains strong as the Dow futures are trading above the 200-day MA at 26340 targeting higher levels at 26600 followed by 26960. We would have to see the RSI reading exit the overbought territory and price move below yesterday’s low at 26080 to signal a reversal.

Support: 26340 / 26080
Resistance: 26600/ 26960

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/dow-higher-shrugging-off-weak-us-jobless-claims-dow-jones-technical-analysis-05-06-2020
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