The Dow Jones has been trending to the upside since the kickoff of the Q2 earnings season last Friday and for a fourth consecutive day. What’s next? Analysts at ADS Securities shared their 19 July Dow Jones Index Technical Analysis.
19 July, ADS Securities – U.S. stocks closed in modest gains, as market participants welcomed the earnings reports and the measured tone from the Federal Reserve Chairman Jerome Powell during his two-day congressional testimony.
The upbeat outlook for the economy from Fed’s Beige Book also provided support for markets. Dow closed up 79.54 points, or 0.3%, marking its 5th consecutive day advance.
19 July Dow Jones Index Technical Analysis
The Dow Jones Index closed at 25199 level trading around a major resistance. More upside is likely once price breaks above this triangle pattern.
A bullish breakout above the resistance trend line at 25300 would confirm a potential uptrend continuation and possibly establish new quarter highs. On the flip side, if the index fails to break the trendline it would form a lower high and pullback towards 24800.
Support: 24800 24415
Resistance: 25300 25590
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