|Day's Range||28,892.70 - 29,146.53|
|52 Week Range||24,680.57 - 29,568.57|
Based on the early price action, the direction of the March E-mini Dow Jones Industrial Average the rest of the session on Friday is likely to be determined by trader reaction to an uptrending Gann angle at 29001 and a downtrending Gann angle at 28903.
Equities retreat following a surprise pullback in U.S. markets on Thursday. The risk of a coronavirus-driven market correction grow daily.
So far this year, it hasn’t taken much of a blow to knock investor sentiment back down after bubbling up – and that’s a good sign for stocks, according to at least one strategist.
Based on the early price action and the current price at 29043, the direction of the March E-mini Dow Jones Industrial Average the rest of the session on Thursday is likely to be determined by trader reaction to a pair of Gann angles at 28937 and 29031.
Equities retreat after the broad market hit a new all-time high in the previous session. Risks of virus-related correction continue to grow.
Thursday’s economic data earnings releases are poised to shed more light on the impact of the coronavirus to the domestic economy and individual companies.
The Federal Reserve is likely to keep interest rates where they are until mid-2020 but may need to cut them, Minneapolis Fed Bank President Neel Kashkari said.
Based on the early price action and the current price at 29358, the direction on the March E-mini Dow Jones Industrial Average the rest of the session on Wednesday is likely to be determined by trader reaction to the minor pivot at 29322.
Moving forward, investors are going to be paying close attention to how other major technology companies doing business in China respond to the crisis. Of particular interest will be companies in Apple’s supply chain.
The Federal Reserve’s January meeting minutes and economic data on the U.S. housing market and purchasing prices will punctuate Wednesday’s docket of market-moving releases.
Investing.com – The Nasdaq eked out a gain Tuesday after Apple (NASDAQ:AAPL) clawed back some losses as investors bet that the Covid-19 impact on the tech giant's revenue will be temporary.