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Dow Jones Technical Analysis: Index is Down – 02 May 2022

The Dow Jones Industrial Average declined during its recent trading at the intraday levels, to record losses for the second day in a row, by 2.77%, to lose 939 points. The Dow Jones Industrial Average settled at the end of trading at the level of 32,977.40, after a slight increase last Friday, as 26 components of the 30 indices rose in the trading of the last session. The list of stocks with the highest percentage gain was topped by Salesforce Inc. by 6.33%, followed by Merck & Co. Inc. by 4.94% after the drug company beat estimates for the first quarter, boosted by more than $3 billion in sales of COVID-19 antivirals.

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Additionally, in economic news, US GDP unexpectedly declined at an annualized rate of 1.4% in the first quarter after a 6.9% gain in the previous quarter.

Initial jobless claims fell by 5,000 to 180,000 in the week ending April 23, while the four-week moving average rose by 2,250 to 179.750, the third consecutive increase, the weekly numbers were below 200,000 since mid-February, it is an indicator of labor force measurement.

Technically, it is possible for the Dow Jones Industrial Average to be affected positively by being based on a major bullish trend line in the medium term. The point 32,568.00 could represent a good ascending point in the near term for the Dow Jones Industrial Index, and the point 32,005.00 is considered the best level to buy. The Dow Jones Industrial Average as seen in the chart, has levels that represent the strongest support points.

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