Monday, November 1, 2010

Dow Jones Weekly Chart Review, 29/11/2010

Dow Jones ends flat and posts a weekly loss of 0.1%, but managed to record
a second consecutive monthly gain of 3.1% October (September gain 7.7%).
The Dow ended up 5 points at 11,118.5 as investors bided time before this week’s critical mid-term election and FOMC meeting. Microsoft was among the Dow Jones’s best performers with a 1.5% rise on strong earnings outlook but the gains were capped by Chevron and Merck whose earnings fell short of forecasts. Meanwhile, 3Q2010 GDP was in line with expectation at 2% but October consumer sentiment index of 67.7 was below consensus of 68.5.

Other major key economic data this week are September consumer spending, October ISM (1 Nov); September factory orders, ADP report (3 November), October payrolls and unemployment rate (5 November).

For Wall Street, the Dow Jones will continue to exhibit volatility amid deteriorating technical readings ahead of the mid-term elections and the FOMC meeting. Immediate resistance levels are 11300-11500 while immediate support levels are 10500-10700.

Weekly DJIA shows short term consolidation with critical support at Up Trend Line 10500 and immediate resistance at 11300.
Source: MarketWatch

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