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Dow Jones Industrial Average, EUR/JPY and US natural gas keel over
Dow Jones Industrial Average, EUR/JPY and US natural gas keel over as investor optimism fades amid US-China trade deal uncertainty.
Dow is keeling over
Having reached and flirted with the 200-day simple moving average (SMA) at 42,267, the Dow Jones Industrial Average slid below it on Wednesday amid fading investor optimism.
The index is expected to come further off its 42,507 six-week high and slip through its accelerated uptrend line at 41,890.
This week's price gap between Monday's 41,899 and Friday's 41,512 high is expected to get filled. On the way down the 8 May high at 41,773 may offer interim support.
Resistance above the 200-day SMA at 42,267 and this week's high at 42,507 lies at the late March high at 42,821.
EUR/JPY is being rejected by resistance
EUR/JPY's recent advance faltered marginally above its December peak at ¥165.21 on Tuesday.
The cross is currently revisiting its mid-April high at ¥163.27 below which lies more significant support at ¥161.81-to-¥160.99. It is comprised of the 22 April-to-6 May lows and the 55-/200-day SMAs.
Key resistance remains to be seen at ¥164.18-to-¥165.23, made up of the December-to-May highs.
Natural gas futures resume their descent
US natural gas futures prices are on track for their fourth consecutive day of falling prices and are about to probe their 29 April high at 294.9. Together with the 9 April and the 6 May lows at 289.8-to-289.2 these may offer support.
If not a further slide towards the 200-day SMA at 273.8 is likely at hand.
Minor resistance above Wednesday's 308.5 high can be spotted at the 5 May high at 316.0 ahead of the 55-day SMA and 9 May peak at 322.5-to-326.1.
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