Dow Jones Industrial Average Forecast August 21, 2012, Technical Analysis

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The Dow Jones had a very similar day to the S&P 500, as it fell originally but found support later in the day to form a hammer. This hammer is pressing up against the massive resistance at the 13,300 or so level, and as such we think that a breakout is coming. Certainly, we can see that we are at the top of some type of resistance line, almost a up trending channel but think that the real mark that needs to be overcome is that 13,300 level.

We aren’t interested in selling Dow Jones futures or even the market on the whole currently. We do see the potential for a pullback, but see far too much support at the 13,000 level to think that it will have any significant legs.

Dow Jones Industrial Average Forecast August 21, 2012, Technical Analysis

Dow Jones Industrial Average Forecast August 21, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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