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The Dow Jones breaks a 6 day downtrend, ascends to 31,020

Generally flat but with a slight bullish bias, the Dow Jones ranged between 30,559 and 31,027 before closing higher at 31,020.

  • Yesterday's gains are in contrast to the Dow's bearish trend (lasting 6 days) during which it lost 1,559 points of its value.

A "Bullish Engulfing" pattern — a scenario when a larger green candle engulfs a smaller red candle, at the bottom of a prevailing downtrend. Typically this is a signal of higher prices in the near term. The Dow made an initial breakout above its 3 day Simple Moving Average at 30,973, a potential indicator of a newly emerging bullish phase. On the other hand, note that the Dow Jones could be slowing down soon as it approaches resistance at 31,178. Of course, crossing it might suggest further gains are ahead.

Examining the technical analysis landscape, the Dow might continue its downtrend in the short term.

The Dow Jones shows positive signs, other assets are also on par: ASX 200 added 1.27% and closed around 6,720 yesterday. Hang Seng moves up 1.36% yesterday and closed at 18,566.

At the same time, FTSE slides down 0.62% yesterday and closed at 7,282.

The Dow Jones is now trading 16.24% below the significant high of 36,800 it set around 8 months ago.

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Indices

Equities traders zero in on ASX as it adds 95.3 points (+1.42%)

ASX trades at 6,794.6 after gaining 95.3 points (1.42%).

ASX traded as high as 7,589.8 before shedding 11.1% lower over the past six months.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. ASX broke through the 6,780 resistance and climbed above it 14.5 points; next resistance level is at 6,861.

Overall, looking at the technical analysis landscape, it seems ASX might continue pointing upwards in the short term.

ASX shows positive signs, other assets are also on par: EuroSTOXX is up 4.26%. CAC is up 4.24%. Dow Jones leaps up 2.8% to trade around 30,316.

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Indices

The Dow closed at 30,316 after making a massive single-day jump

The Dow jumps by 2.8% (816.32 points), its largest single-day gain since Jun 24.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.

Overall, looking at the technical analysis landscape, it seems the Dow might continue pointing upwards in the short term.

The Dow Jones shows positive signs, other assets are also on par: ASX 200 added 3.75% and closed around 6,457 today. EuroSTOXX explodes 4.26% today and closed at 3,342.17. CAC went up by 4.24% today, and closed at 6,039.69.

Having set a significant low of 28,726 4 days ago, the Dow is trading 2.66% higher.

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Indices

The FTSE index sheds 156.46 points and tracking 2.26% lower heading into market close in a hour time

The FTSE went up to 7,069 only to drop back some of the way and is now trading around 7,065.22 as it reaches the end of the trading session.

  • The FTSE has gained 27.16 points over the past 3 days, and today's session seems to be adding to the current uptrend.

The FTSE hit a significant low of 6,881.6 around 5 days ago, but has since recovered 0.39%.

FTSE made an initial breakout above its 10 day Simple Moving Average at 7,030.36, a potential indicator of a newly emerging bullish phase. Despite this, the FTSE price action is currently oscillating around the 7,003 resistance level with prices moving above and below several times during the session.

Overall, looking at the technical analysis landscape, it seems the FTSE might continue pointing upwards in the short term.

Other markets are also showing gains as ASX 200 shoots up 3.75% to trade around 6,699.3. CAC surges 3.55% to trade around 6,000. Dow Jones is up 2.49%.

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