Dow opens just below 18,000 mark

Following a break below 18,000 mark on Thursday, snapping three days of gains, Dow Jones Industrial Average (DJIA) opened with marginal losses on Friday, near 17,990 level.

Big tech stocks like Microsoft and Google missed estimates on quarterly result and seem to be weighing on US equity indices. Downbeat European equity markets, posting losses anywhere between 0.3% to over 1.0%, are also not supporting US markets.

Technical levels to watch

On the immediate downside, the index future seems unlikely to extend the fall below 17,900 support area. Only a decisive break below this immediate support level might trigger a near-term corrective move for the index.

On the upside, momentum back above 18,000 psychological mark is likely to get extended towards 18,150-18,200 resistance area, which if conquered sets the stage for extension of strong bullish momentum back towards all-time high level resistance near 18,350 level, earlier tested in May 2015.