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No US data for the Dow Jones to feed off later today

The UK and Japanese markets might be closed today, but the US markets will be up and running as normal later on. However, there is no US data due for release today and the calendar is very light all week. On Friday the opening gains for the Dow Jones saw it reach a new interim high at 38,808. That was a rise of almost 1200 points from the recent lows (April 17), at 37,611. However, the rebound on Friday soon gave way to a relapse that sent back towards 38,500 after the impact of the latest Services sector ISM report delivered no growth and rising prices. Nevertheless, the Dow later rebounded into the weekly close and ended the session at 38,675, with a gain of 450 points on the day. The question on many investors minds this week; is will this recovery continue and is the index back on track for another test of the 40k level rejected in March, when it topped out at a record high at 39,889. Technical levels of note this week are at 38,750 and 39,019. One other thing to note about the opening and price action on Friday, is the price gap that opening (at 38,709) left behind it from the high seen on Thursday, at 38,295. The index is just now priced to reopen at around 38,725
 

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