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The Dow lower again ahead of another gloomy jobless claims

SquaredFinancial

Fundamental Highlights

The Dow finished lower on Wednesday as President Trump cast doubt over the US-China trade agreement and US data showed 20.2 million jobs were lost in April.
US jobless claims will be in focus today while anticipation of reopening business proves the only source of market optimism amid souring US-China relations and a coronavirus-stricken economy.

Technical Analysis

The Dow closed 218 points lower at 23664 on Wednesday as the index remains without clear direction.
A sustained move above the 23800 level near the 20-day MA would indicate buying pressure and lead the index to yesterday’s high at 24125.
A sustained move below the 23550 level would indicate selling pressure and drive the index back to Monday’s low around 23330. A break below this level shifts momentum to the downside and targets the lower levels at 23090 and 22940.

Support: 23550/23300
Resistance: 23800/24185

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/the-dow-lower-again-ahead-of-another-gloomy-jobless-claims-dow-jones-technical-analysis-07-05-2020
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