DowJones bias is cautiously bullishWall Street 30TRADENATION:US30TradeNationMarket sentiment has turned more positive overnight following Nvidia’s results, which provided fresh support for the AI and technology trade. Revenue guidance of $108bn versus $105.2bn expected, together with management’s expectation of around 70% revenue growth next fiscal year, reinforced confidence that strong AI demand can continue into 2027. Nvidia gained 4.7% after-hours, while S&P 500 futures rose 0.48% and Nasdaq futures 0.83%. Positive results from Salesforce and CrowdStrike added further support to the technology sector. The main counterweight remains US interest-rate expectations. July core PCE was in line at +0.2% m/m, but the underlying details were viewed as somewhat inflationary. This pushed 2-year Treasury yields up 3.6bps to 4.21%, while markets priced slightly more Fed tightening over the coming months. Oil remains another important variable. Brent fell 0.84% to $87.84, despite uncertainty surrounding a potential agreement over the Strait of Hormuz, and is lower again this morning. A sustained decline in oil would help ease inflation and support equities. Dow Jones Trading Conclusion The near-term bias for the Dow Jones is cautiously bullish, although probably less pronounced than for the Nasdaq because the Dow has less direct exposure to the AI/technology trade. The strongest positive signal is the broader improvement in risk sentiment following Nvidia’s earnings. If US futures maintain their overnight gains into the cash open, the Dow could initially push higher and retest recent resistance/highs. However, traders should watch US Treasury yields and the weekly jobless claims data closely. A renewed rise in yields could limit gains, particularly if the data reinforces expectations that the Fed will remain restrictive. Conversely, weaker labour-market data combined with stable or falling yields would provide a stronger bullish environment for equities. Trading view: Bullish above the previous session’s high, with momentum favouring a move towards recent Dow highs. A failure to hold the opening gains, particularly if Treasury yields rise, would increase the risk of a reversal back towards near-term support. Key drivers today: Nvidia/AI sentiment → US yields → jobless claims → oil prices → Jackson Hole expectations. Key Support and Resistance Levels Resistance Level 1: 54258 Resistance Level 2: 54500 Resistance Level 3: 54760 Support Level 1: 53153 Support Level 2: 52720 Support Level 3: 52220 The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance. To the extent permitted by law, in no event shall Trade Nation (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk. Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Financial Spread Bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.