Tuesday, September 28, 2010

Dow Jones Industrial Average Review, 28/09/2010

Dow Jones climbs 46 points, after falling as much as 78 points in an intraday,
amid speculation of more quantitative easing by Fed. Sentiment was sluggish in early trade as investors weighed weaker-than-expected consumer confidence data and home price index as well as sluggish European markets.

The 20-city home sales price index grew 3.2% in July from a year earlier, falling short of expectations for an increase of 3.3% while September’s consumer confidence index fell to 48.5 vs. August's 53.2 and consensus’ 53. Meanwhile, European stocks
fell as Irish and Portuguese bonds plunged, fueling concern that the sovereign-debt crisis is worsening.

For Dow joint, key resistance targets are at 10920 (May 12’s high) and year-to-date high of 11258 (April 26). Immediate supports are situated around 10500-600 points.

Daily Dow Jones is facing an immediate resistance at 11000 level.
Source: MarketWatch

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