Dow Jones Manufacturing Indexes in Range
This afternoon US releases are expected to affect the US indices in particular the Dow Jones (Ticker AT: USAIND) retail sales, also fuel and auto sector, and the NY Empire State manufacturing index from the Federal Reserve which compiles a survey of the top 200 executives of the top companies in the sector. A change in this index can indicate the pulse of exports, labour cost, consumption and delivery time among 11 other variables that are measured to mark whether the USD is stronger or weaker. Sales are expected to be better than the previous data, and production is expected to be better or rather less worse than the previous release. This will be followed by retail and business inventories, monthly housing sector data and the US government short term auction and closing the afternoon with the NOPA report on oilseed production such as soybeans, which may give a move to the commodity.
Looking at the monthly trend, the index has been declining downwards since 4 April, and then with a sharp downward adjustment between 10 and 12 April, closing on Friday with data similar to its opening. In today's trading session, the index is likely to face data that will continue to force a bearish continuation. So we can foresee the index trying to return to the most traded average zone in the last period, which is at 38,948.36 points as indicated by the Price Bell Control Point (POC).
If we look at the RSI it is currently in the middle zone, so we will see if it has enough strength to try to break out of the current range between 39,036.71 and 38,559.85 points in its high and low zones respectively.
Ion Jauregui - AT Analyst
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The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Looking at the monthly trend, the index has been declining downwards since 4 April, and then with a sharp downward adjustment between 10 and 12 April, closing on Friday with data similar to its opening. In today's trading session, the index is likely to face data that will continue to force a bearish continuation. So we can foresee the index trying to return to the most traded average zone in the last period, which is at 38,948.36 points as indicated by the Price Bell Control Point (POC).
If we look at the RSI it is currently in the middle zone, so we will see if it has enough strength to try to break out of the current range between 39,036.71 and 38,559.85 points in its high and low zones respectively.
Ion Jauregui - AT Analyst
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.