LIVE MARKETS-Dow industrials so far fading shy of 50,000

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DOW INDUSTRIALS SO FAR FADING SHY OF 50,000

The Dow Jones Industrial Average .DJI edged higher by 0.02% on Wednesday. And now, despite a more than 6% premarket drop in shares of Microsoft MSFT.O, in the wake of its quarterly report, e-mini Dow futures YMcv1 are higher by 0.1%.

The Dow ended Wednesday at 49,015.60, which put it down 1.16% from its 49,590.20 January 12 record closing high and down 1.24% from its 49,633.35 January 12 record intraday high.

The blue-chip average is 2% away from the 50,000 milestone.

However, traders are noting that the Dow's advance stalled earlier this month as it tested a resistance parallel based on a support line from its October 2023 low.

This line now presents a hurdle around 49,855, suggesting that for the time being, punching through the 50,000 milestone may be no easy feat.

On the downside, there is a support line from the April 2025 trough, which is now around 48,785. Breaking this line can see the Dow spill to the downside, although there are numerous support levels not far below it.

The January 20 low was at 48,428.13, while the rising 50-day moving average (DMA) ended Wednesday around 48,200. The January 2 and December 18 lows were in the 47,853-47,849 area.

The rising 100-DMA, which contained weakness in mid-November, ended Wednesday just shy of 47,400.

Meanwhile, another Dow component, Apple AAPL.O is due to report after Thursday's closing bell.

And with just two trading days to go in January, the Dow is posting a near 2% gain for the month. This has it on track to rise for a ninth straight month. The Dow last rose more than eight months in a row when it posted a 10-month stretch of gains that ended in January 2018.

(Terence Gabriel)

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