Dow Jones Forecast Today 02/09: Eyes Key Support (Video)
(MENAFN- Daily Forex)
The Dow Jones 30 initially tried to rally a bit during the trading session on Friday, but then gave back gains rather rapidly. That's not a huge surprise, considering that the market has been so sideways over the last couple of days, and the United States has labor Day on Monday. So, keep in mind, the Stock market won't actually be open. So, this pullback I think could offer a little bit of an opportunity.
We'll just have to wait and see. But I also believe that there is a lot of support underneath that will continue to attract buyers. The 40,750 level is almost certainly supported. And I think ultimately this is a market that will find enough value presented sooner or later to get involved.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Its All About Monetary Policy
Remember, the market is all about looking at the monetary policy of the Federal Reserve. What that means is that we are likely to continue to see traders bet on that cheap money flowing into the stock market and therefore pushing stocks up on the whole. However, the companies in the Dow Jones Industrial Average can benefit greatly from stimulus. That might be part of what people are thinking as well.
This is an equal weighted index. This isn't like the NASDAQ 100 where just a handful of stocks move the whole thing. So, this is a better representation of what the stock market's doing. We shot straight up in the air and then just went sideways. That's normal. You're digesting gains and it does make a certain amount of sense that people don't want to get overly aggressive heading into a three-day weekend. This is a situation that continues to see a lot of volatility, but at the end of the day, it is likely to worry a bit about any massive gaps due to weekend news, which will be a bit of a tossup.
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