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DOW lower after Fed’s bleak economic outlook – DOW JONES Market Outlook – 11/06/2020


US indices ended mixed on Wednesday with the Nasdaq Composite recording another all-time high while the S&P500 and Dow Jones index finished in the red. The Dow closed 282 points lower at 26989 on Wednesday as the Fed’s dovish stance came with a bleak economic outlook. The central bank assured interest rate will remain near zero through 2022 and projected a slow economic recovery with GDP to contract by 6.5% this year. As expected, the Fed reiterated its commitment to using its policy tools to support the coronavirus-stricken economy. Today, investors will look to US jobless claims to impact direction later in the day. Meanwhile, the price of Dow futures extended declines to approach support near 26400 as a correction plays out. Below 26400, the index targets the next support level at 26080. The index would have to recover above the 27000 level to restore the short-term bullish view.

Support: 26400 / 26080
Resistance: 27000 / 27360

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/dow-lower-after-feds-bleak-economic-outlook-dow-jones-market-outlook-11-06-2020
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