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  • The DowJones index closed flat near 27,700 on Tuesday.
  • Trade hopes continue to keep sentiment buoyant.
  • US inflation figures and Powell’s testimony will be key today.

The US stocks benchmark closed around Monday’s levels yesterday, following a narrow trade range and with all the attention on the US-China trade front.

Dow Jones now looks to data and Powell

In this regard, the speech by President Trump failed to ignite fresh hopes as he declined to mention anything related to the probable roll over of some existing tariffs, while the time and venue of his meeting with China’s Xi Jinping still remains unknown. Trump reiterated, however, that a trade deal remains close.

Later today, investors will scrutinize Fed’s Powell’s testimony before the US Congress, while inflation figures tracked by the CPI for the month of October will also be in the limelight.

Furthermore, today’s Dow futures point to a somewhat soft start of the US session and are currently trading just above the 27,600 region.

In the meantime, DowJones faces the next interim resistance at 27,774.7 (all-time high Nov.7) while on the downside the next interim support emerges at the 10-day SMA at 27,476.7 seconded by July’s high at 27,398.7 and then the September peak at 27,306.7.