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DJIA, Stock Index Remains Under Pressure

1/6/2023 1:55 PM

One of the leading indexes of the American economy, Dow Jones, is correcting within the local trend around 33042.0.

Volatility in the national stock market began to return to its usual parameters. In many respects, this was facilitated by the recent publication of the minutes of the December meeting of the US Federal Reserve, the key point of which is the unanimous opinion of all department officials on preserving the "hawkish" rhetoric throughout 2023.

Large corporations continue massive layoffs: thus, Inc. said it would lay off 18,000 workers this year, while pharmacy chain Walgreens Boots Alliance Inc. after the news about the decrease in the company's revenue in the first financial quarter of 2023 will reduce the staff by 1.5%.

Auctions for the placement of short-term bills confirmed the upward dynamics in the bond market: the rate on 3-week bonds consolidated at 4.100%, higher than 3.830% earlier, and 8-week – by 4.430% compared to 4.250%.

Among the companies showing growth are Chevron Corp. (+1.80%), Merck & Co. Inc. (+1.39%), and Verizon Communications Inc. (+1.39%).

Among the corporations showing declines are Walgreens Boots Alliance Inc. (–6.13%), Microsoft Corp. (–2.96%), and UnitedHealth Group Inc. (–2.88%).

On the daily chart, the trading instrument continues its corrective dynamics, trying to move away from the resistance line of the Expanding formation global pattern.

Technical indicators keep an unstable sell signal: the fluctuation range of the Alligator EMA indicator is reversing downwards, and the AO oscillator histogram forms downward bars in the sell zone.

Resistance levels: 33500.0, 34600.0. | Support levels: 32550.0, 31300.0.

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