Wall Street mixed previous Powell at the Jackson Hole part 2

Wall Street mixed previous Powell at the Jackson Hole part 2

"We don't anticipate important announcements by Powell concerning the policy outlook. If something, we'd expect him to tell his post-FOMC group discussion message, wherever he argued that the Fed was embarking on a "mid-cycle adjustment" in policy. we have a tendency to additionally expect policymakers stay} non-committal in their steering for future rate cuts and state that they're going to remain watchful of future information and developments on world growth and trade uncertainty."

US data

The Markit Purchases producing Index (PMI) fell to forty nine.9 to enter the contractionary zone for the primary time during a decade. "New orders and export sales fell to their lowest level since August 2009. the broader composite index that takes into consideration each producing and services fell to fifty.9. Meanwhile, the North American nation Leading Economic Index raised zero.5% in July to point moderate growth in H2 2019," analysts at ANZ Bank noted.

DJIA levels

Meanwhile, from a technical perspective, the DJIA is holding onto the 26000s heading still. A push to the top can open that case for the 50-DMA with the 26700s as a key top target for the bulls. Bears, on the opposite hand, will target the five hundred mean reversion level of the late Dec 2018 swing lows and mid-July swing market highs down within the 24500s.