Yesterday the US markets turned its frown upside down Morning losses became afternoon gains. Markets move depends on fund flows of big corporates and high net worth individuals not on the daily news. The Cricket commentary never predict what is going to happen next ball. Market news also like cricket commentary only. So never trade on News.
The Dow 30 index just opened the day into the channel at 21718. And immediately went to the lows of the day at 21673.58. Yesterday the index opened between the support levels and immediately break the support to trap the bulls and back above the support. Check yesterday analysis here. After that, the index gains gradually to become positive for the day. The Dow 30 index registers day high as 21879.22 and closed at 21865.37. Yesterday mentioned 21870 as rare possible resistance but market makes it possible.
Yesterday Dow Jones Index closed at 21865.37 with 56.97 points or 0.26% gains. S&P 500 index closed at 2446.30 with 2.06 points or 0.08%. Nasdaq Composite closed the day at 6301.89 with 18.87 points or 0.30% Lets predict Dow 30 index for today.
Dow 30 Prediction:
For today the index will be bullish as the index holds the channel breakout. The resistance for the day is placed at 21912 and 21997. If the index opens at resistance points and breaks the first hour low the sell the index keeping day high as stop loss. Support for the day is placed at 21822 and 21766. If the index opens near support level and breaks the first hour high then buy with day low as stop loss.
Yesterday Boeing and United Technologies contributed 50 points to the Dow 30 index on the upside. Nike, Dupont, Goldman Sachs contributed 14 points on the downside. Check live Dow 30 index contribution by stocks here.