Stock index futures pointed to a strong open on Tuesday as major companies reported better-than-forecast quarterly results. How is the index trading currently? Gain insight into this 24 April Dow Jones Trading Outlook.
24 April ADS Securities – The Dow Jones index extended its losses for the fourth consecutive session yesterday, dragged down by a decline in banking and retail sector stocks. Moreover, shares of Goldman Sachs, Procter & Gamble and Walmart emerged as the top index losers.
24 April Dow Jones Trading Outlook
Currently, the index is trading with a weak bias on the 1H chart, ahead of the earnings releases of Verizon Communications, Travelers Companies, United Technologies, Coca-Cola and Caterpillar, due later in the day. Key technical support is placed at the 24350 level, followed by the 24245 and 24150 levels.
A breach below the latter might trigger further bearish momentum in the index. However, a likely signal line crossover from below by the MACD, suggests at potential recovery over intraday basis. Crucial resistance is located at the 24530 where EMA 55 is trading, followed by the 24625 and 24700 levels.
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