Solid News

DJIA Market Update

10/17/2022 1:47 PM

The Dow Jones is correcting in a local downtrend, trading at 29871.0.

Quotes of US stock indicators are trying to stop a protracted decline against the backdrop of the publication of corporate reports. At the end of last week, the largest insurance company UnitedHealth Group presented its financial results, reporting an income of 80.9 billion dollars, which roughly corresponds to the previous quarter's figure of 80.33 billion dollars. In turn, JPMorgan Chase & Co. reported revenue growth from 30.72 billion dollars in the second quarter to the current 32.7 billion dollars, while Morgan Stanley's revenue was only 13.0 billion dollars, which was lower than both the forecast of 13.23 billion dollars and the previous quarter at the level of 13.13 billion dollars.

The global bond market continues to rally, with key 10-year Treasuries testing the level of 4.000%, trading at 3.994%, last seen in 2008, and US global 20-year bonds are in the region of 4.2799%, having added 3.6410% since the beginning of the month, which remains the most dynamic growth of recent decades for such conservative debt securities.

The growth leaders in the index are JPMorgan Chase & Co. (+1.66%), UnitedHealth Inc. (+0.63%), Boeing Co. (+0.57%).

Among the leaders of the decline are American Express Co. (-3.35%), Apple Inc. (-3.21%), Chevron Corp. (-3.11%).

Quotes of the index continue corrective dynamics and are kept in the area of the annual low at around 28600.0. Technical indicators keep a sell signal, which has slightly weakened: the range of EMA fluctuations on the Alligator indicator is still directed downwards and the histogram of the AO oscillator is forming new descending bars, being in the sales area.

Support levels: 29300.0, 28600.0. | Resistance levels: 30300.0, 31100.0.

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