Dow Jones Forecast Today 22/1: Eyes Support Levels (Video)
Date
10/22/2024 4:39:18 AM
(MENAFN- Daily Forex)
The Dow Jones 30 fell pretty hard during the trading session on Monday, which is interesting considering that there really hasn't been a lot as far as macroeconomic figures coming out to get things moving. Perhaps there is a bit of a situation where people are just willing to take advantage of the profits that they've made, and maybe we've come just a little too far to continue going to the upside. Underneath, I think we have a significant amount of support at multiple levels, and we most certainly have a massive uptrend in what we've got going on here.
The Trend is Higher Overall
The market has been bullish for quite a while, and with that being said, the market I think is one that continues to attract value hunters on each and every pullback. After all, if the monetary policy continues to be loose, the reality is that the loose monetary policy is probably going to continue to push money into bigger blue chip stocks as well as other indices.
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The Dow Jones 30 represents some of the big players in the US economy, so it does make a certain amount of sense that people are trying to bank on the federal reserve bailing everybody out. While the Monday candlestick is of course very ugly, the reality is I don't think it's a game changer, I just think it's more back and forth as we drift higher.
The market, I believe at this point, is eventually going to go looking for the 45,000 level, but we may get the occasional pullback between now and then. I think that's all you're seeing here on Monday. Whether or not that will change in the near term remains to be seen, as the markets are typically driven by momentum, especially as we are talking about the idea that the liquidity is going to continue to push this index higher.
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