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DOW wipes out 1000 points, US NFP will be key – DOW JONES Market Outlook – 04/09/2020

SquaredFinancial

In yesterday’s note, we expected prints below 29000 to accelerate a pullback lower, however did not expect a rout in tech stocks to wipe off $750 billion from the Nasdaq as the Dow closed 2.45% lower at 28374. Today investors await U.S. Nonfarm payroll data which should provide some answers on whether this was a risk off move, or simply some profit taking ahead of expected volatility. Failure to print an hourly close above 28374 will keep the bears in control favoring a retest of 28125 support level.

Support: 28125 / 28000
Resistance: 28300 /28500 / 28750

SquaredFinancial Daily Market Outlook


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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/dow-wipes-out-1000-points-us-nfp-will-be-key-dow-jones-market-outlook-04-09-2020
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