Recent US stock market overview

On Monday, the lastest US stock futures traded in the range. Most indices rebounded from last week's losses before the market closed stable, owing to earnings in the industrial sector, oil and gas, and basic materials, which helped the indices increase, while losses in technology, telecommunications, and utilities weighed on the indices. The market will be watching firms' first-quarter earnings reports and CPI data, as well as the Fed's policy stance this week.

The Nasdaq was dragged slightly lower by mega-cap stocks, while industrial sectors kept the Dow in positive territory, with the S&P 500 ending the session slightly higher, pressured by losses in the communications and utilities sectors and bolstered by rising chip stocks, offsetting concerns among tech giants like Apple about the Fed's aggressive outlook after the March employment report remained strong.

In this regard, some transportation businesses, semiconductor businesses, small cap businesses, and industrial businesses outperform the overall performance of other business segments in the broader market, indicating that the US economy is still strong enough to withstand further Federal Reserve interest rate hikes.

Still, analysts expect that most Wall Street banks' profitability will fall in the first quarter and throughout the year as a result of last month's regional banking crisis and a weakening economy.

On the other hand, US money market funds received inflows for the fourth week in a row, with a net worth of 42.51 billion dollars recently, due to concerns about an economic downturn after economic data showed a slowing in production and a cooling labor market.

Meanwhile, US bond funds recently increased net acquisitions by $8.1 billion, the most since January 11. While outflows from US equity funds totaled $10.34 billion, down from $20.75 billion the previous week, with investors selling big, medium, and small US equity funds for $5.14 billion, $102 million, and $1.81 billion, respectively. The financial industry and healthcare funds sold $1.2 billion and $694 million, respectively, while the IT sector fund received $566 million in inflows.

However, interesting economic data this week includes NFIB small business optimism, Fed statements, and the Consumer Price Index (CPI) and Producer Price Index (PPI) reports, which tend to cool down based on the latest manufacturing and employment data, which may result in the US indices rising slightly while the uptrend remains constrained by concerns about the slowing economy.

Data for Technical Analysis (5H) CFD US30 DJIA

Resistance : 33639.4, 33652.6, 33674.1

Support : 33596.4, 33583.2, 33561.7                     

5H Outlook

Source: Investing.com                        

Buy/Long 1 If the support at the price range 33590.4 - 33596.4is touched, but the support at 33596.4 cannot be broken, the TP may be set around 33645.0 and the SL around 33587.0, or up to the risk appetite.

Buy/Long 2 If the resistance can be broken at the price range of 33639.4 - 33645.4, TP may be set around 33665.0 and SL around 33592.0, or up to the risk appetite.       

Sell/Short 1 If the resistance at the price range 33639.4 - 33645.4 is touched, but the resistance at 33639.4 cannot be broken, the TP may be set around 33596.0 and the SL around 33648.0, or up to the risk appetite.

Sell/Short 2 If the support can be broken at the price range of 33590.4 - 33596.4, TP may be set around 33570.0 and SL around 33642.0, or up to the risk appetite.       

Pivot Points Apr 11, 2023 04:39AM GMT

Sources: Investing 1, Investing 2