DowJones relieving negative pressure - our expectations indicate more ascent for the index during its upcoming trading.
The index gained about 305.28 points and settled at the close of the session at the level of 35,768.07, after rising 1.06% in Tuesday's trading.Markets remained nervous due to persistent inflation fears, as high inflation made markets expect the Federal Reserve to raise interest rates several times and reduce the size of its balance sheet in 2022.
Atlanta Fed President Rafael Bostic said in a TV interview that he expects the Fed to deliver rate increases of three-quarters of a point in 2022, while "leaning" toward the possibility of a fourth-quarter hike. He also said he would like to see the central bank significantly reduce the size of its balance sheet. Bostick is not this year's voting member of the Federal Open Market Policy Committee.
Cleveland Fed President Loretta Meester, a member of the vote, said on Wednesday she did not see a "convincing case" for a 50 basis point hike in March, but said that if inflation failed to moderate later this year it may need to raise Interest rates at a faster pace. Technically, the index succeeded in its recent rise by getting rid of the negative pressure of the simple moving average for the previous 50 days, amid the dominance of the main bullish trend in the medium term and its trading along a slope line, as shown in the attached chart for a time period. We notice the return of the positive RSI indicators, despite reaching overbought areas., throughout its stability above the support level 35,366.
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