Dow Jones Industrial Average Forecast October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The Dow Jones Industrial Average fell precipitously during the Friday session to test the 13,250 level. If this level gives way, we think this could be the beginning of something rather bearish, but understand that 13,000 is much more significant as support.

If this level gives way to the sellers, we would become massive sellers of the ETFs that follow this market, as well as mini futures contracts. However, as we said previously, we think this is less likely to happen than a simple bounce a return to the top of consolidation at the 13,600 level.

 

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