Dow Jones is waiting for a stronger trend 15/8/2023

Sideways trading continues to control the Dow Jones Industrial Average on the New York Stock Exchange, stable between 35,100 and the resistance level of 35,500.

On the technical side today, despite the 50-day SMA’s attempts to provide a positive impulse, it is motivated by the positive signals from the 14-day momentum indicator.

However, we prefer to wait and observe the price behavior of the indicator until it is liberated from the range above, to be in front of one of the following scenarios:

Price consolidation above 35,500 is a catalyst that enhances the chances of visiting 35,580 and 35,710 expected stations.

The price’s decline below 35,100 puts the index under strong negative pressure, targeting 35,020 initially.

Note: Today we are awaiting high-impact economic data issued by the US economy “Retail Sales” and “New York State Manufacturing Index” and from Canada, we await “Monthly Consumer Prices” and from England, we await “Change in Unemployment Claims” and we may witness high volatility in prices.

Note: the risk level may be high.

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: 35250	R1: 35480
S2: 35120	R2: 35580
S3: 35020	R3: 35710