Dow Jones 30 Price Forecast – Dow Jones 30 Continues to Look For Momentum

Dow Jones Technical Analysis

The Dow Jones 30 has gone back and forth during the course of the early hours on Thursday as it looks like we continue to simply wait for some type of momentum. That being said, this is a market that previously has tried to rally over the last couple of days and gave up gains rather quickly. By doing so, the market looks as if it is seriously contemplating whether or not it can hang on to this trend line, and perhaps even more importantly, stay above the crucial 200-day EMA that sits just below. A move below the 200-day EMA would be a very negative turn of events, perhaps opening up a move down to the 37,500 level.

On the other hand, if we turn around and rally from here, we could go looking to the 50-day EMA above near the 39,750 level. In general, I think this is a market that’s going to continue to be very noisy. And at this point in time, a lot of this comes down to whether or not central banks are going to become aggressively loose with their monetary policy, and more importantly, why they are.

At this point, it certainly looks as if the global economy is slowing down, and that has a direct effect on the Dow Jones 30 as well as many other indices around the world. At this point, I’m closely monitoring this, and depending on which side we break of the two major moving averages, will tell us which direction the market is likely to go.

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