Dow Jones 30 Price Forecast – Dow Jones 30 Continues to See Buyers

Dow Jones Technical Analysis

The Dow Jones 30 looked bullish in the early hours on Friday as we continue to see a lot of upward momentum. And at this point in time, if we were to break out to yet another high, then I think we have buyers jumping in and pushing this market to the upside, perhaps the $43,000 level. Short-term pullbacks at this point, I think, continue to attract a certain amount of attention as traders will continue to look at this market through the prism of rate cuts and the idea of stimulating the economy.

After all, the market continues to see the Federal Reserve as potentially loosening a couple of times between now and the end of the year, and therefore it sends stocks higher as a general rule. I don’t have any interest in trying to short sell the market. I think it’s far too strong, and with that being the case, I think it’s probably only a matter of time before we break out and go much higher.

Underneath, I see the 41,600 level as a major support level, especially now that the 50-day EMA sits just below it and should come into the picture to offer plenty of support. All things being equal, this is a market that I think is probably only going to go higher over the longer term, but that doesn’t necessarily mean that it’s going to be a straight shot higher. It might be a bit noisy and choppy along the way.

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