(MENAFN – DailyFX) DJIA: Dow Recovers From Fibonacci Support, Builds Rising Wedge Dow Jones (DJIA) Talking Points:
– The blue-chip index put in a week of recovery despite the setbacks at the Dow constituent of Boeing. The tragedy last weekend compelled a large gap-lower in Boeing stock, which impacted the Dow. While the S & P 500 has recovered up to prior 2019 highs, the Dow has found resistance at prior support taken from a key Fibonacci level on the chart.
– Next week brings an FOMC rate decision with little expectation for any actual moves or indications of moves on rates. But what the bank says about the balance sheet and future composition could have a large pull on bond markets which could, in-turn, carry impact across the risk trade and US equities.
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Dow Recovers From Early March Sell-Off It’s been a busy week in US equities, as prices put in a strong tone of recovery in the early-portion of this week. In the Dow, this comes despite the setback at Boeing following last weekend’s tragedy : Boeing (BA) stock gapped-down to start this week, and as one of the larger of the 30 constituents of the blue-chip index , this pushed the Dow Jones Industrial Average along with it.
Boeing started the week by gapping down