(MENAFN– Daily Forex) The Dow Jones Industrial Average rose slightly during its recent trading at the intraday levels, to achieve slight gains in its last sessions, by 0.05%, to gain about 16.08 points. It then settled at the end of trading at the level of 32,915.79, after falling in Monday’s trading by -1.05% .
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Consumer discretionary goods, services and communication materials led the market higher, while real estate and energy were the only sectors that posted losses.
Solar stocks rose after President Joe Biden declared a state of emergency to address a shortage of solar cells and modules, allowing tariff-free access to the US solar market for Cambodia, Malaysia, Thailand and Vietnam, the White House said.
Despite no major economic data released on Monday, the Bureau of Labor Statistics said on Friday that US payrolls rose more-than-expected in May while the unemployment rate remained flat, adding to evidence that the world’s largest economy is unhealthy even as the Fed continues to raise interest rates.
Monday’s slight market rally comes after another tough week for US stocks, as investors will receive more important data on Friday with the release of inflation data for May. Economists expect the CPI to have risen 8.2% in May compared to the same month a year ago, which would be lower than the previous reading of 8.3%. However, markets would prefer to see inflation fall much faster.
Technically, the index is moving below the important resistance level 33,271.90, amid its trading within a descending corrective price channel . This limits its previous trading in the short term, as shown in the attached chart for a (daily) period. Negative pressures continue for its trading below the simple moving average for the previous 50 days. In addition, we notice the start of negative signals on the RSI indicators , after they reached overbought areas.
Therefore, our expectations suggest a decline in the index during its upcoming trading , as long as the resistance 33.271.90 remains intact, to target the main support level 32,000.
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