Dow Jones 30 Price Forecast – Dow Jones 30 Continues to Look For Higher Pricing

Dow Jones Technical Analysis

The Dow Jones 30 initially pulled back just a bit during the trading session on Thursday morning as we continue to see a little bit of noise, but quite frankly, we’re in a situation where traders are trying to figure out whether or not we can continue to push to the upside. The 41,500 level is an area that I think will be a significant amount of a ceiling and if we can break above the ceiling, then we can go much higher. It does look like we will probably attempt to do so eventually.

But at this point in time, you also have to keep in mind that the core PCE numbers come out on Friday, and that will have a major influence on where we go next, as it is the Federal Reserve’s favorite indicator of inflation. If we do pull back from here, the 41,000 level could be significant support, followed by the 40,650 level.

Regardless, I don’t have any interest in shorting this market. I do think that eventually it goes much higher and breaks out, but we are a bit stretched. What is impressive is that we are only pulling back slightly before bouncing every time we do pull back. So, this shows a real significant amount of upward pressure. And at this point in time, I do think eventually the buyers will win in this market, especially considering a lot of money is yet to be spent on infrastructure in the United States, and therefore a lot of these companies will benefit from cheap money being invested.

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