The Dow Jones eased within the premarket in the present day as buyers reacted to a brand new survey by Bank of America. The index additionally eased because the market waited for an affidavit by Jerome Powell. Bank of America survey warning The Dow Jones reacted to a survey by Bank of America. The survey confirmed that the majority fund managers have been sceptic in regards to the present rally in shares. Of the managers surveyed, 68% of them mentioned that the present rally in shares appeared like a bear-market rally. This can be a rally which occurs for a brief interval earlier than it continues the downward pattern. 1 / 4 of these surveyed consider that the present rally will likely be sustained. On the identical time, ten per cent of the individuals within the survey anticipate the economic system to have a V-shaped restoration. This can be a scenario the place the economic system falls deeply and instantly bounces again. A lot of the individuals (about 75% of them) consider that the US economic system may have a U-shaped restoration. This can be a restoration that takes an extended time. Whereas most fund managers consider that is bear market rally, most of them stay invested in equities. The share of these in equities rose by 10 per cent to 16 per cent. What’s extra? These buyers consider that US shares will rally in the long run whereas these from Europe will fall. Walmart the most important mover in Dow Jones Walmart was among the many greatest movers within the Dow Jones after the retailer introduced constructive earnings within the first quarter. The corporate made greater than $134 billion in income and a web earnings of just about $four billion. The income was above the $123 billion that analysts have been hoping for. The most important information was that the corporate was shutting down Jet.com, the e-commerce platform it purchased for $three billion a couple of years in the past. Additionally, prices rose as the corporate elevated its deliveries. Because of this, it eliminated its ahead steerage. Different massive movers within the Dow Jones are Verizon, whose stock fell by greater than 1.35%, Procter & Gamble, whose shares fell by 1.05%, and House Depot, which reported a weak quarter. The Dow Jones Index additionally reacted to the weak housing begins knowledge. Dow Jones technical outlook The Dow Jones is buying and selling at $24,561. On the each day chart, the price is above the 50% Fibonacci retracement stage and barely above the 50-day EMA. It’s also a couple of inches under the 100-day EMA and the best level for the reason that March meltdown. A transfer above this resistance stage of 24915 will validate this bull pattern and it’ll imply thar bulls are in whole management. This can see them try to check the 61.8% retracement at $25260. Then again, if the Dow Jones strikes under $22800, it can invalidate this thesis. This price is alongside the bottom stage on March 14.