The Dow ended a strong monthly performance with a decline of 1.17% on Thursday as jobless claims continued to mount revealing the economic dent caused by coronavirus.
Today the index will take direction from US manufacturing PMI data as well as quarterly earnings out of the Dow’s oil constituents Exxon and Chevron.
The Dow gave up gains after finding resistance at 24900 to close 288 points lower at 24345.
The 20-period MA near resistance at 24440 will act as dynamic resistance guarding the high near 24900 as the Dow turns lower.
A break below 23950 would lead the Dow towards the lower level at 23760 followed by 23580. Taking out the latter may lead the Dow to support at 22940.