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Dow Jones On the Edge of Major Reversal

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Wall Street edged mixed on Friday, but pretty much unchanged from Thursday’s close, with the Nasdaq and the S&P up a bunch of points and the DJIA down 0.07% or 11 points, ending the day at 16,643.01.

US stocks traded generally lower on Friday, but rallied right after the close after Vice Chair Stanley Fischer said that the recent economic data and developments will determinate if the Central Bank will raise rates in their upcoming September meeting. You can read daily forex fundamental analysis on fxbinarypoint.com.

The DJIA closed the week with gains, although the daily chart shows that the technical indicators have lost their upward strength after correcting extreme oversold readings and turned flat in negative territory, whilst the 20 SMA maintains a sharp bearish slope around 17,000. For detailed forex technical analysis you can check out fxbinarypoint forum.

In the 4 hours chart, the short term outlook is bullish, given that the index is above a bullish 20 SMA whilst the Momentum indicator resumed its advance after a limited downward correction, and the RSI indicator aims higher around 58.

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