Mini dow futures technical traders are eyeing the 50-day

Technical traders are eyeing the 50-day moving average at 39,740 as key support. Strong crude-related stocks are providing marginal support to the overall Dow index futures. US MBA mortgage applications fell -12.7% in the week ended September 26, with the purchase mortgage sub-index down -1.0% and the refinancing sub-index down -20.6%.  The average 30-year fixed rate mortgage rose +12 bp to 6.46% from 6.34% in the prior week. U.S. stock futures and the dollar tumbled after President Trump unveiled sweeping tariffs on trading partners that were higher than investors had expected. The derivative market shows light hedging activity, implying confidence in current valuations. Traders discuss rotation into industrial and consumer staples within Dow sectors.