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Meanwhile, the University of Michigan’s latest reading on consumer confidence showed that consumers were more pessimistic in March than at any time in the past four months.
The Dow Jones Industrial Average declined during its recent trading on intraday levels, to record sharp losses in its last sessions by -1.19%. It lost about -384.57 points and settled at the end of trading at the level of 31,861.99. This was after the index rose in Thursday’s trading by a percentage of 1.17%, during the past week the index decreased by -0.15%.
In terms of recent economic data, the Conference Board said on Friday that the leading economic indicator in the US fell 0.3% in February, marking the 11th consecutive monthly decline. US industrial production was flat in February, according to data released on Friday by the Federal Reserve’s presentation.
Meanwhile, the University of Michigan’s latest reading on consumer confidence showed that consumers were more pessimistic in March than at any time in the past four months.
Federal Reserve data released Thursday afternoon in New York showed that banks had collectively borrowed about $165 billion from the central bank. Most of the borrowing occurred via the Fed’s discount window, but a small amount was also tapped through the Reserve Bank’s new bank financing program. The Federal Reserve, allows bonds to be traded at a discount to be used as security at par. Analysts said the fact that borrowing through the discount window rose to a record high added to market concerns about the banking sector.
- The index suffers from the continued negative pressure of its trading below the simple moving average for the previous 50-day period.
- It is under the control of the main bearish trend in the medium term.
- It is trading along a bearish slope line, as shown in the attached chart for a period of time (daily).
- The index tried during its recent trading to drain some of its oversold areas, which were evident in the relative strength indicators, as we notice positive signs coming from them, and it seems that it succeeded in that.
Therefore, we expect more declines for the index during its upcoming trading, especially if it breaks the pivotal support of 31,727.00, to then target the support level of 30,454.50.
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