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DJIA, High Prospects for Strengthening the Uptrend

1/17/2023 12:27 PM

The Dow Jones index is correcting in the local trend, trading at 34268.0, while the volatility in the US stock market increased significantly ahead of the start of the publication of corporate reports.

The day before, JPMorgan Chase & Co. reported fourth-quarter net income growth of 6.0% and revenues of 18.0%, well above analysts' forecasts, while Wells Fargo & Co. recorded a decline of 6.0% to 19.66 billion dollars against the expected 19.99 billion dollars. Today, two more giants of the market will publish their financial results. Analysts expect Morgan Stanley Holding to generate 12.54 billion dollars in revenue after 12.99 billion dollars in the third quarter, while Goldman Sachs Group Inc.'s revenue may drop to 10.79 billion dollars from 11.98 billion dollars earlier.

Since the beginning of trading, there has been a local strengthening trend on the bond market. Thus, the yield on 10-year Treasuries added 0.83%, amounting to 3.540%, and the rate of return on 20-year bonds gained 0.85%, rising to 3.823%.

The growth leaders in the index are JPMorgan Chase & Co. (+2.52%), Caterpillar Inc. (+1.33%), Goldman Sachs Group Inc. (+1.10%).

Among the leaders of the decline are UnitedHealth Group Inc. (-1.23%), Intel Corp. (-0.59%), The Walt Disney Co. (-0.41%).

On the daily chart, the index quotes continue their corrective dynamics, again trying to overcome the local high at 34620.0.

Technical indicators are holding a buy signal that was received at the end of last week: the range of EMA fluctuations on the Alligator indicator expands in the direction of growth, and the histogram of the AO oscillator is forming new ascending bars in the purchase zone.

Support levels: 33880.0, 32540.0. | Resistance levels: 34620.0, 35850.0.

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