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SPX & DJIA Key Trading Levels – Fed’s Powell & Trump Shakes the Sentiments

The U.S. stock market indices SPX & DJIA are heading north in a lighter tone. The uncertainty drove by Fed Powells and U.S. president Trump is keeping the indices in check. President Trump maintained the Iran deal one-sided and said it should have never been made in the first place. Moreover, it doesn’t prevent Iran from building a nuclear bomb. The news helped to halt the bullish trend of the indices.

 

In addition to this, on Tuesday, the Federal Reserve Chairman Jerome Powell stated that the U.S. central bank’s plan for gradual interest-rate increases “should not be a surprise” as financial markets already had been aware.

 

Traders, speaking about the rate hikes, that is never in favor of the corporate sector. The stock market investors usually hate higher interest rates. Companies pay higher interest rates from the profits made, which reduces the EPS (earning per share) and that’s something investors will never like. For that reason, despite the nice fundamental releases, the investors aren’t entering the stock markets. Take a look at the trading levels of SPX and DJIA for this week.

 

S&P500- SPX- Trading Levels

Support     Resistance 

2611.06        2699.36

2558.69       2735.29

2522.76       2787.66

Key Trading Level:    2646.99

 

DJIA- Dow30 – Trading Levels

Support     Resistance 

23696.47     24663.39

23130.43     25064.27

22729.55     25630.31

Key Trading Level:    24097.35

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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