Dow Industrials (DJIA) is trading consistently beyond all time high of 14200-14300

by Admin

Market Commentary

The US Dollar Index (DX) lost momentum after hitting short term resistance of 83.40 though the trend is still intact till it manages to hang on above 81.80 ranges. With the US Dollar depreciating against most of the FX majors most of the asset classes traded firm; the benchmark equity index of Dow Industrials Average (DJIA) is trading flat.

Dow Industrials (DJIA) is trading consistently beyond all time high of 14200-14300, historic high made during October 2007 indicating new rally is under progress but the momentum has run out of gas at 14400 ranges; only monthly close below 13700 would force us to rethink the bull trend.

Historic correlation between DX Vs DJIA suggests the long-term trend is still Dollar bearish till the Dollar Index is not closing above 84.50 on monthly basis though the short term and medium term trends are bullish.

Up 1.2930 1.2870 1.2820 1.2770
Sideways-Down 94.30 93.70 92.90 92.10
Sideways-Up 1.5340 1.5300 1.5190 1.5170
Down 0.9530 0.9470 0.9400 0.9350
Sideways-Down 120.90 120.20 119.00 118.00
Sideways-Down 1.0510 1.0470 1.0430 1.0380