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- The Dow Jones Industrial Average rose during its recent trading at the intraday levels
- It achieved gains for the second day in a row by 0.15%, to add to the index about 47.79 points.
- It settled at the end of trading at the price of 31,874.85, after rising by 2.43% in Tuesday’s trading.
US Stocks Decline
US stocks closed higher on Wednesday, led by sectors such as consumer appreciation and technology, while data showed a sharper-than-expected drop in existing home sales for the month of June.
The 5.4% drop in existing home sales for June was the highlight of today’s spreadsheet, as home resales fell month over month to a seasonally adjusted 5.12 million annual rate, down 14% year over year. This is the weakest level of sales since June 2020, during the shutdowns related to the fight against the outbreak of the COVID-19 pandemic, while economists polled by the Wall Street Journal expected sales to be 5.36 million.
The Mortgage Bankers Association reported a 6.3% drop in mortgage applications in the week ending July 15 after a 1.7% drop in the previous week.
Technically, the index managed, with its recent trading, to get rid of the negative pressure of the simple moving average for the previous 50 days. It is taking advantage of the positive momentum it gained after breaching a descending sub-slope line earlier in the short term. This is in addition to the influx of positive signals on the relative strength indicators, despite reaching very saturated areas. Buying operations attacked the current resistance level 31,885 in light of the continued dominance of the corrective bearish trend in the short term along a slope line, as shown in the attached chart for a (daily) period.
Therefore, our expectations indicate more upside for the index during its upcoming trading, but if it first breaches the resistance level 31,885, it can then target the resistance level 33,240.
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