Dow Jones tends to be negative ahead of Fed 3/5/2023

Mixed trading dominated the Dow Jones Industrial Average movements on Wall Street yesterday, ending its daily trading around 33,657.

Technically, the current movements are witnessing stability below the resistance level of 33,850, and we find that the stochastic started to provide some negative signals coinciding with the beginning of signs of a temporary decline in momentum.

We tend to be negative, but with caution, relying on trading remaining below the mentioned resistance level of 33,850, targeting 33,580 as a first target, knowing that the decline below the mentioned level puts the index under strong negative pressure, with a target of 33,410.

Price consolidated above 33,850, leading the index to recover, opening the door towards 34,070.

Note: Today, we are awaiting high-impact economic data issued by the US economy, “change in private sector jobs, services PMI, interest rate, Federal Reserve Committee statement and Federal Reserve press conference”, and we may witness high volatility at the time of news release.

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: 33410	R1: 34070
S2: 33095	R2: 34410
S3: 32760	R3: 34725