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Dow Jones Forecast: Key Levels to Watch

Dow Jones Forecast: Key Levels to Watch

2020-02-20 12:05:00
Justin McQueen, Analyst
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Dow Jones Price Analysis & News

  • Dow Jones Heading Lower, Eyes on Weekly Low
  • Investor Angst Over Spread of Coronavirus Remains

Dow Jones: US equity futures are marginally lower, with the Dow Jones down 0.1%. However, despite the investor angst over the rising spread of the Coronavirus, US equities have generally remained relatively robust, where the Dow Jones is only slightly below is record peak. As we previously highlighted weakness across equity markets from virus outbreaks had only been temporary and while the index is vulnerable to the downside in the short-run, the long-run remains supportive.

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US Equities Sees Limited Impact from Coronavirus

Dow Jones Forecast: Key Levels to Watch

On the technical front, price action in the Dow Jones remains muted given the subdued nature of trading in European equities throughout the morning. As the Dow Jones continues to trade within its tight range. Although, with the RSI heading lower, this may see the index place pressure on its weekly low (29,114), where a firm break below could prompt a larger breakout towards 28890.

Dow Jones Price Chart: Daily Time Frame

Dow Jones Forecast: Key Levels to Watch

Source: IG Charts

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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