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DOW JONES RISES ABOVE MA5 ON TRADE OPTIMISM - Capital Street FX

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    • DOW JONES RISES ABOVE MA5 ON TRADE OPTIMISM
13-Sep
23:47 IST

DJ 30 futures are currently trading at 27233-higher by 0.23% as compared to the previous close. The contract, however, closed in the negative territory in the last trading session also.

In the Cash Markets, the DJIA added about 54 points at the time of writing. The 30-stock index was on track for its first eight-day winning streak in more than a year, amid improving sentiment around Sino-U.S. trade relations.

The benchmark index was also looking to surpass an intraday record high of 27,398.68. Through Thursday’s close, the 30-stock index was around 0.8% below that level.

Trade Bellwethers Boeing and Caterpillar gained 1.15% and 1.27% respectively at the time of writing. Apple dropped 2.31% after investment bank Goldman Sachs lowered its 12-month price target on the tech giant’s stocks to $165 per share from $187 a share.

According to market sources, China will exempt U.S agricultural products, including pork and soybeans, from additional tariffs.

U.S. equities on Thursday surged to their highs of the day after news that Washington is considering over an interim trade deal with Beijing. According to market sources, the U.S. President’ advisors were considering an interim deal with China that would delay tariffs.

The U.S. President said on Wednesday that increased tariffs on 250 billion dollars’ worth of Chinese goods have now been delayed by two weeks at the request of Chinese vice Premier as a gesture of good will. Officials from both the countries are expected to hold trade talks in Washington at the beginning of the October.

Banks followed U.S. Treasury yields higher after data showed U.S. retail sales gained 0.4% in the last month. Goldman Sachs and JP Morgan added 0.80% and 1.99% respectively at the time of writing.

On the economic front, Retail Sales (MoM) for August released earlier today came in at 0.4%. The index change was above the consensus estimates of 0.2%. In addition, the preliminary reading of Michigan Consumer Sentiment for September also released earlier today came in at 92.0. The index reading was above the market expectation of 90.9.

On the technical front, the RSI is currently at 66.08% and suggests that the market can move in an upward direction. The current price is above the MA5. The %K has crossed the %D from above to the downside at around 96% and suggests that the market can move in the downward direction.

Overall Bias is Positive and Short-term trades can be initiated with tight Stop Loss and Take Profit targets.

 

Trade Suggestion-Limit Buy At 27220, Take Profit At 27320 Stop Loss At 27170

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30-Aug
23:58 IST

DJ 30 futures are currently trading at 26407-higher by 0.18% as compared to the previous close. The contract closed in the positive territory in the last trading session also.

In the Cash Markets, the DJIA added about 365 points at the time of writing.

U.S. equities advanced today as Washington and Beijing showed a willingness to end their long-running trade war.

According to market sources, the Chinese Foreign Ministry said today that U.S. and Chinese officials are maintaining effective communication as the two economic powerhouses try to agree to a trade deal.

The Chinese commerce ministry said on Thursday that it opposed increasing trade tensions, hinting that China’s authorities will not retaliate against the latest round of U.S. tariffs.

The U.S. President also said in an interview on the previous day that trade talks are scheduled for Thursday at a different level. President Trump, however, did not provide further details.

Bank shares rose on Friday. Goldman Sachs and JP Morgan added 0.43% and 0.70% respectively at the time of writing.

Top gainers in the Dow Jones include Walgreens Boots Alliance (up 1.19%), Caterpillar (up 0.93%), and UnitedHealth Group (up 1.40%) at the time of writing.

The broad-market index has lost about 2% in this month entering today’s session and set for their first losing month since May. For the week, the 30-stock index is up about 3.1% and set for its largest weekly gain since June.

On the economic front, Personal Spending (MoM) for July released earlier today came in at 0.6%. The index change was above the consensus estimates of 0.5%. In addition, Michigan Consumer Sentiment for August also released earlier today came in at 89.8. The index reading was below the market expectation of 92.1.

On the technical front, the RSI is currently at 53.68% and suggests that the market can continue trading sideways. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 46% and suggests that the market can move in the upward direction.

Overall Bias is Positive and Short-term trades can be initiated with tight Stop Loss and Take Profit targets.

 

Trade Suggestion-Limit Buy At 26375, Take Profit At 26475 Stop Loss At 26325

 

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