Skylar Shaw
Apr 21, 2022 10:06
Investors brushed over weak Netflix results, which weighed on the S&P 500 and NASDAQ Composite.
June E-mini Dow Jones Industrial Average futures are trading higher just before the cash market opens on Wednesday. Meanwhile, Procter & Gamble and International Business Machines are leading the blue chip average with solid results.
June E-mini Dow Jones Industrial Average futures are trading at 34966, up 125 points or 0.36 percent, at 12:27 GMT. The SPDR Dow Jones Industrial Average ETF (DIA) closed at $349.14 on Tuesday, up $5.04 or 1.47 percent from its previous close.
In stock news, Procter & Gamble's shares rose by 1% after reporting better-than-expected profits.
Procter & Gamble also raised its full-year sales forecast. Another Dow component, IBM, surged more than 1% after reporting better-than-expected profits and sales.
According to the daily swing chart, the major trend is up. Buyers knocked out the last major top at 34820 on Tuesday, bringing it back up. The primary trend will be changed to down if a transaction is made through 34002.
The minor trend is upwards as well. A trade through 34179 will shift momentum to the downward and alter the minor trend to down.
36708 to 32086 is the primary range. The market is now edging closer to the top of its retracement zone, which runs from 34942 to 34397.
Trader response to 34942 is expected to impact the direction of the June E-mini Dow Jones Industrial Average futures contract on Wednesday.
The presence of buyers will be shown by a prolonged advance over 34942. The uptrend will be reaffirmed if the next big top at 35015 is taken out. This might lead to a run to the major peak at 35281 on March 29. This might be a tipping point for a move higher, with the February 9 major peak at 35649 being the next objective.
The presence of selling will be signaled by a persistent rise below 34942. We might see a break through the 50% mark at 34397 if this develops enough downward momentum.
Apr 21, 2022 09:58
Apr 21, 2022 10:17