Dow Jones Price Forecast – Dow Jones 30 Continues to Look Healthy

Dow Jones 30 Technical Analysis

The Dow Jones 30 has chopped back and forth during the course of the trading session in the early hours of Thursday as we are just simply killing time. This might not be a huge surprise due to the fact that we have the jobs numbers coming out on Friday. So, I don’t think there’s a whole lot to do in this general vicinity. After the Thursday candlestick, it looked like we were going to try to push much higher, but at the very end of the day, we did see some selling. I’m not sure what that means yet, other than probably volatility continues to be a major issue.

With this being the case, I think pullbacks do continue to be buying opportunities with the 40,000 level underneath being a potential floor based on market memory. After all, it was the recent top of a significant ascending triangle. On the upside, we have the 41,500 level as potential resistance. And if we can break above that, then I think it’s very likely that the market will continue to go higher.

Federal Reserve monetary policy was kept at current levels during the Wednesday session. So perhaps that may be playing into the psyche of the market, but it certainly looks like a Federal Reserve rate cut in September is on the table. So, I think we generally continue to go higher. The question is whether or not we need to take a little bit of a break between now and that move.

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