Dow Jones Industrial Average Forecast August 22, 2012, Technical Analysis
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The Dow Jones 30 initially pushed higher during the trading session on Tuesday as the market got bullish once again. Once we broke above the 13,300 level, the markets seem to have run out of steam as we reach the new highs. Because of this, we saw a massive pullback in the later hours of New York trading; and saw the market close down near the 13,200 level. This looks very weak and it should be said that although there is quite a bit of support below, this move was pretty swift.
We still believe that the 13,000 level as very supportive, and are more than willing to buy a supportive candle near that level. Until we get that or a break above the highs from the Tuesday session, we are fairly cool when it comes to the Dow Jones. A pullback seems to be needed, and as such we would welcome it and watch it from the sidelines.
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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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