Dow Jones consolidates near 47,630 as investors await oil majors’ earnings

Last week, the U.S. Federal Reserve lowered the federal funds rate to the 3.75–4.00% range and announced the end of its quantitative tightening program starting December 1. Ten members of the FOMC voted in favor of the decision, while two opposed it. Fed Governor Steven Miran advocated a 50 bps cut, while Kansas City Fed President Jeffrey Schmid argued for keeping rates unchanged due to persistent inflationary pressures. Policymakers emphasized that all key macroeconomic indicators would be carefully reviewed before the December meeting, with particular attention to labor-market data, which have not been released for four weeks due to the ongoing government shutdown.

Meanwhile, during the corporate reporting season, bond investment activity slowed slightly, causing yields to edge higher: the 10-year Treasury yield rose to 4.102%, while the 20-year increased from 4.616% to 4.633%.

Top gainers within the index include Amazon.com Inc. (+9.58%), Chevron Corp. (+2.74%), and Amgen Inc. (+2.20%).
Major decliners include Microsoft Corp. (–1.51%), McDonald’s Corp. (–1.32%), and Visa Inc. Class A (–1.24%).

Support and Resistance Levels

On the daily chart, the index continues its corrective recovery after an unsuccessful test of the channel’s lower boundary near 45,700.0.

Technical indicators maintain a steady bullish bias: the EMA lines of the Alligator indicator remain widely spread, and the Awesome Oscillator histogram forms new positive bars above the zero line.

Support levels: 46,900.0, 45,160.0.
Resistance levels: 48,300.0, 50,300.0.

DJIA Trading Scenarios and Forecast

Long positions can be considered after a breakout above 48,300.0 with a target at 50,300.0 and a stop-loss at 47,500.0. Estimated horizon: 7 days or longer.

If the price reverses and consolidates below 46,900.0, short positions toward 45,160.0 will become relevant, with a stop-loss at 47,700.0.