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Dow Jones trades in a tight range after failed breakout
June consumer inflation cooled, and investors are now looking to US retail sales on July 16 for a catalyst after Goldman Sachs earnings began.
Federal Reserve Chair Kevin Warsh testified before Congress on July 14 to 15, reiterating the Fed’s commitment to returning inflation to target while offering no clear guidance on the future path of interest rates, according to Action Forex. In parallel, June inflation came in softer than expected, with annual consumer price growth slowing to 3.5% from 4.2% in May, which the outlet said temporarily supported risk appetite.
Action Forex also noted that the Dow Jones Industrial Average advanced from a June 23 low, reaching the 53,400 area by July 7 near a red resistance level. A sharp decline followed, with the index breaking below the trendline and then consolidating within the range of the prior bearish breakout candle.
Since then, the Dow has been compressed between the market profile upper boundary at 52,770 and the point of control at 52,550, with a neutral technical read from RSI and moving averages, the outlet reported. The next potential drivers cited include the US June Retail Sales report due later on July 16 and the Federal Reserve’s policy meeting on July 29, which could provide the next directional trigger.
Latest closeDow Jones 52,658.64 ▲0.3%