Dow Jones 30 Weekly Price Forecast – Dow Jones 30 Continues to Reach Higher

Dow Jones Technical Analysis

The Dow Jones 30 has rallied pretty significantly during the last couple of weeks, but this past week has been a little less volatile and strong than the previous one. So, with that being said, I think you’ve got a situation where traders are continuing to buy dips, and as I record this we are in the process of trying to whether or not momentum is still going to be in this market as the Jackson Hole Symposium is going on.

That of course is a major driver of markets. The speeches by central bankers and Jerome Powell’s speech will be watched closely. At this point though, I think as long as we can stay above the 40,000 level, most dips will be thought of as buying opportunities.

If we can break above the 41,500 level, then I think we start the next leg higher. I have no interest in trying to go short in this market because quite frankly, it’s far too strong. I think that continues to be the case going forward, but it does make a little bit of sense that we take a small pause in this overall region. This is a market that is almost wholly focused on the handouts that Wall Street has needed for the last decade or more, and that comes in the form of loose monetary policy. At this point, it’s going to be all about the Jerome Powell speech, and the bond markets.

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