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

Dow Jones Technical Analysis

The Dow Jones 30 was relatively quiet during the early hours on Monday, but that’s not a huge surprise considering just how stretched we have gotten over the last four or five sessions. Quite frankly, at this point, I’m expecting a little bit of a pullback, but I don’t think it means much other than sooner or later, people have to take a little bit of profit, or we have to have another reason to get moving to the upside. With that being said, the market is more likely than not going to try to get to the top where we had just found selling pressure at 41,000.

In fact, we really don’t have much that should move the US markets directly until Wednesday when we get the FOMC meeting minutes, which may or may not be a big deal. We do get PMI numbers on Thursday, which of course could come into the mix. And then we also have the Jackson Hole Symposium going on during Thursday and Friday. So there will be central bankers speaking, including Jerome Powell on Friday, so that could get the market moving as well.

So, for the next couple of days, we’re probably not going to see much, but any pullback at this point in time will almost certainly be thought of as a potential buying opportunity, especially near the 50-day EMA and the uptrend line. All things being equal, if we do break out above the 41,350 region, then I think we go much higher, but in general, I think we’re just a little overstretched in the short term.

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