Dow Jones 30 Weekly Price Forecast – Dow Jones 30 Has Another Big Week

Dow Jones 30 Technical Analysis

The Dow Jones 30 pulled back just a bit during the trading week but looks as if it is going to continue to see a little bit of upward momentum. Underneath, I see the 41,600 level as an area that should and very well could offer plenty of support. It is an area that previously has been resistant. In other words, I expect to see a certain amount of market memory come into the place there. “Market memory” is the phenomenon when you see previous resistance become support, and vice versa. Because of this, I will be watching this area very closely.

If we break down below there, then the market will more likely than not see multiple minor support levels, even if we break down below there, the 40,000 level ends up being a major battlefield as well, as it is a large round, psychologically significant figure and of course an area that previously had been important.

This is a market that’s been in an uptrend for quite some time and therefore I think this is a situation where value hunters continue to pay attention to interest rates and of course just simple momentum. After all, indices are typically creatures of momentum. And with that being said, I think it is only a matter of time before we go much higher. But I look at this chart through the prism of trying to find cheap contracts as we can take advantage of dips and ride the longer term movement.

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