Dow Jones 30 Price Forecast – Dow Jones Stalls in The Early Morning

Dow Jones 30 Technical Analysis

The Dow Jones 30 looks a little bit hesitant in the early hours on Tuesday as we continue to try to go higher. But quite frankly, are getting close to threatening a significant resistance barrier. The market shot straight up in the air over the course of the last two weeks and now we’re getting close to the all-time highs. That being said though, markets don’t go in one direction forever and therefore I think you probably are going to see a short-term pullback sooner rather than later. Underneath current trading I do think that the 50-day EMA will be crucial support near the 39,800 level.

Granted, I don’t even know that we go that far to the downside as it would be basically 1,000 points below here, but I could see a scenario where we get there. Regardless, I do think that the market at the very least needs to go sideways as traders catch their breath. We have completely wiped out all of the losses from two weeks ago when everything started falling apart and now, we have questions to ask.

The FOMC meeting minutes come out on Wednesday. And then of course we have the Jackson Hole Symposium speeches, especially pertinent to the market is going to be the Jerome Powell speech later in the week. So, traders will be paying attention to that as well. If he sounds hawkish for some reason, that could cause a bit of volatility as well. At this point though, I suspect this is a market where you are looking for dips to start buying again.

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