Dow Jones repeats the upside ahead of US data 5/8/2022

Positive trades dominated the movements of the Dow Jones Industrial Average, recording its highest level at 32,865.

Technically, the bullish bias is still valid and effective, relying on cohesion and a pivot above the 32,620 support level, which is counted by the continuation of the 14-day momentum indicator providing positive signs on the short time frames on the positive motive of the 50-day simple moving average.

From here, the bullish bias remains the most preferred, provided that we witness the breach of 32,780, and that is a motivating factor that adds additional gains to the index. Its bullish targets extend around 32,885 and then 33,010 unless we witness any trading below 32,620 and, most importantly 32,600.

Sneaking below 32,600 puts the index price under negative pressure, with a bearish target of 32,475.

Note: Today, we are waiting for high-impact data from the US economy, jobs data, unemployment rate and average wages,” and we may witness high price fluctuations.

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: 32620	R1: 32885
S2: 32475	R2: 33010
S3: 32350	R3: 33150