DJIA Levels to Watch as Index Rides 9-Day Losing Streak
51 minutes ago
The Dow Jones Industrial Average enters trading Wednesday on a nine-day losing streak, the longest stretch of consecutive daily declines for the blue chip index since 1978.
The slump, which equates to nearly 1,600 points, comes after the index closed above the closely watched 45,000 level for the first time on Dec. 4 following an extended post-election rally fueled by expectations of a market-friendly White House and Congress.
Despite the recent losing streak, the index is still up 15% in 2024. However, that return significantly underperforms the S&P 500’s 27% gain and the Nasdaq Composite’s 34% jump over the same period due to the Dow’s smaller exposure to mega cap tech companies.
The index has continued to trend lower after running into resistance near the top trendline of an ascending channel earlier this month, raising the possibility of a potential breakdown.
Investors should watch major support levels on the Dow’s chart around 43,300, 41,600, and 40,000, while also monitoring a key overhead area near 45,000.
Read the full technical analysis piece here.
Major Indexes Poised to Open Higher
1 hr 36 min ago
Futures tied to the Dow Jones Industrial Average were up 0.3%.
S&P 500 futures were up 0.3%.
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Nasdaq 100 futures also gained 0.3%.
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