The Dow Jones index recorded its second-best daily performance of July, gaining 1% to stabilize once again near its all-time highs at 52,720, and moving closer to breaching the resistance zone near the 52,850 level. This marks a new milestone for the index as it crosses above the 10 and 20-session moving averages, signaling that the Dow Jones is starting to shift its trend toward the upside. All of this anticipated positivity depends on successfully breaking and stabilizing above the 52,850 resistance zone.
Today is a decisive day for financial markets, particularly as investors await the Federal Reserve meeting amid expectations leaning toward holding interest rates steady at 3.75% for the fifth consecutive time. Markets are also eyeing Q2 corporate earnings. These three major events will have a clear impact on whether the indices can achieve positive momentum and set new records, or if they will return to a phase of sideways consolidation, especially following the Nasdaq's decline for the sixth consecutive session.
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