Dow Jones faces negative pressure and eyes on employment data 7/7/2023

Negative trading dominated the movements of the Dow Jones Industrial Average on the New York Stock Exchange during the previous session’s trading within the downward track, as we expected.

On the technical side, we find that the index temporarily failed to maintain positive stability above 34,220, and we notice that the price moved below the 50-day simple moving average, and this comes in conjunction with the clear negative signs on the relative strength index over the short-term intervals,

We may witness a bearish trend in the coming hours, targeting 33,950 as the first target, knowing that breaking it will extend the index’s losses, as we are waiting to touch 33,890 as the next target.

We remind you that activating the suggested bearish scenario depends on the stability of daily trading below 34,230, and skipping upwards with at least an hourly candle closing above it will immediately stop downward attempts, and the index will recover towards 34,490.

Note: Today we are awaiting high-impact economic data issued by the US economy, “non-agricultural jobs data.”

“Average wages,” “Unemployment rates,” and from the Canadian economy, we await “Change in Canadian jobs,” and “Unemployment rate,” and prices may witness high fluctuations at the time of news release.

Note: The risk level is high and all scenarios are likely to occur.

Note: The level of risk is high and may not be commensurate with the expected return.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 33700	R1: 34220
S2: 33480	R2: 34490
S3: 33220	R3: 34710