BMag Signal · In 30 seconds
Critical readWhat happened. The latest financial market news has been characterized by a variety of changes, but the Dow Jones Industrial Average has maintained its stability, while the euro continues to show strength.
Global financial situation is dominated by the strength of the dollar and the American yield.
The Dow Jones Industrial Average has declined for the fifth consecutive week, with the index declining by 1.26%. However, the S&P 500 and NASDAQ Composite have managed to maintain a positive flow during the same period. The S&P 500 has remained marginally under pressure from 0.26% while the NASDAQ Composite has ended at a profit of 0.45% for the week.
To change, the double-dollar index has increased significantly for the third consecutive week, increasing by 2.86% over the past three days. The 10-year US yield has remained stable throughout the week but has remained above previous levels.
The Dow Jones Industrial Average has fallen to a minimum level of 50,552 last week and then returned to that point. A bounce can take the index up to 51,800-52,000, but it cannot surpass this level. The trend continues to fall, and the Dow Jones can fall as low as 49,700-49,500 in the next weeks. After this fall, a new phase of upward movement may begin. Contrary to expectations, the S&P 500 has fallen last week, but the support at 7,600 has limited the lower side very well, and the index has returned from a low of 7,616,78.
This maintains a good outlook in general. Support is at 7,700 and 7,670, with resistance in the zone of 7,790-7,800 that can be tested if the index succeeds in supporting above 7,700. A decisive move above 7,800 can stimulate momentum, taking the S&P 500 index up to 8,100-8,200 in the next weeks. The short-term picture sees a negative transformation only if the index falls below 7,600.
If that happens, 7,500-7,400 can see a bottoming on the ground, but such a bottoming is less likely. barring the opening high and the rise of Friday, the NASDAQ Composite index remained generally stable last week. Resistance is around 27,450, and a collapse above it can take the index down to levels of 28,300-28,500. The break of 27,450 can take the index down to 26,900.
From a broader perspective, the resistance zone of 28,300-28,500 represents a strong resistance zone where upward movement can stop. A reversion from this resistance zone can take the index down to 27,000 and then even lower.
The dollar index (101.92) has exceeded the resistance at 101.50 the previous week, creating an altitude of 102.21 and then giving way from that part.
The outlook remains good for the dollar index, with support in the zone of 101.40-101. A fall to 101.40 is possible this week, but the index can rebound again. The high remains open to see 103.30. The 10-year US yield (5.28%) has remained stable throughout the week but has remained above previous levels.
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