Dow Jones Forecast Today 31/10: Looking For Momentum (Video)
Date
10/31/2024 2:36:39 PM
(MENAFN- Daily Forex)
The Dow Jones 30 was very noisy during the trading session on Wednesday as we continue to hang around the same support region. Keep in mind that there is a lot of support not only here, but below near the 41,900 level, which is an area that previously had been supported.
Furthermore, we also have the 50 day EMA coming into the picture, and I think that offers more support as well. In general, this is a
market that I think continues to see a lot of questions asked of it, and I believe that the next couple of days will be more of the same.
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We have a scenario where the jobs numbers coming out on Friday will have a major influence on what happens next. So, Thursday might be a little bit lackluster, to say the least. I don't necessarily think it'll be negative; I just think that there won't be fireworks. If we could break down below the 50-day EMA, then we could see a bigger drop at that point, perhaps reaching down to the 41,200 level. After that, then you have the 40,100 level, which of course has been both resistance and support over the last several months.
On the Upside Breakout
On the upside, if we could rally from here and break above the 42,600 level, then we could open up the possibility of a move to the 43,350 level. That's an area where we had pulled back from previously, and of course the recent all-time high. If we can break above that level, then I think that Dow Jones 30 could go looking to the 45,000 level, but right now I think that is a bridge too far. I think we will get there eventually, but not right now. The US elections are Tuesday of next week, so even the jobs number might be the reason for a bit of positivity, but right after that, we'll start to focus on the potential ramifications of either a Donald Trump or a Harris presidency. Wall Street does have priced in, at least from several different markets that I've looked at, a potential Trump victory. So that of course could throw chaos into the markets if things don't go as expected.
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