Dow Jones 30 Price Forecast – Dow Jones 30 Continues to Rally

Dow Jones Technical Analysis

The Dow Jones 30 rallied a bit during the early hours on Friday as the non-farm payroll number came out hotter than anticipated. Therefore, we’ve seen a lot of excitement built in the market as traders begin to realize that the US economy may have the ability to pull off the much fabled soft landing that everybody has been talking about. With that being the case, I do think you’ve got a situation where short term pullbacks will be thought of as buying opportunities.

And I do believe that we have a significant amount of support underneath, especially near the 41,600 level, an area that previously had been resistance. This area will continue to be an issue at this point in time, as the market has so many external things to think about, such as interest rates, geopolitical concerns, etc.

With all of that being said, I like the idea of dips offering value that people will take advantage of in what has otherwise been a very strong uptrend. And that uptrend, I think, will continue as we have so many reasons to think that liquidity will continue to drive the market to the upside. Just below the 41,000 level, we do see the 50-day EMA racing to the upside, so I think that comes into the picture to offer overall technical support. I have no interest in shorting the Dow Jones 30, and I do believe that as we build pressure, we are more likely than not to continue to break out to the upside.

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