Dow Jones Industrial Average failed to recover from the bearish momentum that has been pushing the index down since February 7, 2018, as the market closed at 25,053 on Monday. DJI, which had been climbing progressively since 22,686, managed to grow 2,725 points to reach 25,411 between January 3 and February 5, 2019, before falling prey to the bears again.
The Dow Jones Industrial Average was down by nearly 0.1% but continued to trade in a fairly tight intraday range. On February 11, the market opened at 25,142 and closed at 25,053.
Nike [NKE] was one of the stocks which performed well in Dow Jones, adding up more than 1% to its price over the day. Nike will soon be reaching a conventional entry of 86.14 as the graph is seen to be on the right side of a cup-shaped base.
Five Below [FIVE], which was seen forming a deep cup-type base with the 136.23 entry, Shopify [SHOP], and Chipotle Mexican Grill [CMG] are all slated to see major price movements in the coming days according to technicals.
The speculation and fear over how the market will be affected by the US-China trade standoff are rumored to be the cause of the sudden mild plunge of the index.
A Twitter user, Paola Jemeniz, commented on the market position:
“Amazon, Microsoft boost Nasdaq; Exxon drags on S&P: (Reuters) – Amazon and Microsoft pushed the Nasdaq higher on Friday, but weak reports from Exxon and other energy companies capped gains on the S&P 500 and the Dow Jones Industrial index.”