Dow Jones 30 Price Forecast – Dow Jones 30 Stable in Early Monday Hours

Dow Jones 30 Technical Analysis

During the early hours on Monday, it’s been very quiet in the Dow Jones 30, which is not a huge surprise considering that there aren’t a whole lot of economic announcements out there to move the markets in the first few hours. That being said, a short-term pullback could send this market back down to the $41,600 level. That’s an area that previously was resistance, and it should now be support. In general, I think we’ve got a scenario where people are going to be looking for value, and we’ll take advantage of it.

All things being equal, we should also pay close attention to the 50 day EMA that is accelerating towards that level. So it all gels together for a nice pullback type of scenario. On the other hand, if we just turn around and go higher, that’s fine too. Quite frankly, if we break above the top of the shooting star from the Friday candlestick, that of course is a bullish sign as well.

I do believe that the Dow Jones 30 will eventually go looking to the 45,000 level, but it might take a little bit of time to get there. We do have to pay close attention to the Federal Reserve and whether or not they will continue to cut rates, which at this point does seem to be the case. Although it’s also worth noting that the economic numbers coming out of the United States really aren’t as good as they once were. So sooner or later, we may see a significant pullback. But right now, it’s just about taking advantage of value as it returns.

For a look at all of today’s economic events, check out our economic calendar.