- Summary:
- The Dow Jones Industrial Average needs more buying momentum if it is to break beyond the 31739 resistance level and establish new highs.
The Dow Jones Industrial Average is trading higher this Friday, despite a rise in the US 10-year bond yields.
Helping the Dow Jones index this Friday was the surprise increase in the number of existing Home Sales in the US, which rose to 6.69 million in January from the upward revision of 6.65 million posted in December. The expectation had been for a decline to 6.60million units.
Details of the report from the National Association of Realtors showed that total sales on a year-on-year basis rose 23.7%. Homes were also said to be selling off at a faster rate, with homes selling out on an average of three weeks after listing.
The Dow is up 0.32% on the day, with price trading in a tight range all week long.
Technical Levels to Watch
In what has been a week of range trading, the price continues to oscillate between the 31282 floor and the ceiling at 31739. A break above 31739 is required to send the Dow to new highs, with 32505 lining up as a possible destination for bulls.
On the flip side, a breakdown of the floor presents 30585 as the initial downside destination, with 30358 and 30101 also lining up as additional targets to the south.
Dow Jones Daily Chart
