DJ: US30 Assessing Reversal Potential Amidst Historical High
The Dow Jones Industrial Average (DJ - US30) faced downward pressure after reaching historical highs around 39910 on Friday. As US markets conclude the trading week, the DJIA's downward testing suggests a potential reversal and retracement before a possible bullish move.
On Friday, most major sectors of the US equity market experienced losses, with Real Estate down approximately 1.25% and the Financial Sector falling 1.21%. However, the Communications Services Sector showed resilience, closing up around 0.85% as telecoms rebounded from recent selling pressure.
Traders are eyeing next Thursday's release of US Gross Domestic Product (GDP) figures, which are expected to hold steady at 3.2% growth for Q4. Additionally, attention will be on the latest Federal Reserve's (Fed) inflation metric, the Personal Consumption Expenditure (PCE) Price Index, scheduled for release next Friday. Market forecasts predict a slight decrease in the MoM Core PCE for February, from 0.4% to 0.3%.
With anticipation of these economic indicators, a reversal is anticipated, prompting consideration for a Sell limit on DJ.
On Friday, most major sectors of the US equity market experienced losses, with Real Estate down approximately 1.25% and the Financial Sector falling 1.21%. However, the Communications Services Sector showed resilience, closing up around 0.85% as telecoms rebounded from recent selling pressure.
Traders are eyeing next Thursday's release of US Gross Domestic Product (GDP) figures, which are expected to hold steady at 3.2% growth for Q4. Additionally, attention will be on the latest Federal Reserve's (Fed) inflation metric, the Personal Consumption Expenditure (PCE) Price Index, scheduled for release next Friday. Market forecasts predict a slight decrease in the MoM Core PCE for February, from 0.4% to 0.3%.
With anticipation of these economic indicators, a reversal is anticipated, prompting consideration for a Sell limit on DJ.
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