Dow Jones Forecast Today 18/11: Dips Amid Pullback (Video)
Date
11/18/2024 2:30:17 PM
(MENAFN- Daily Forex)
The Dow Jones Industrial Average fell a bit during the course of the trading session on Friday as it looks like we are trying to get down to the 43,350 level. This is an area that I think had previously been resistant, so I think all things being equal. This is market Memory just waiting to get involved.
If we do break down below there, I think the market could go down to the 50 day EMA, but somewhere around there, I would anticipate a lot of value hunting would get involved also. The market shot straight up in the air after the election, so this pullback, although fairly strong over the last couple of days should be expected.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money
After all, the market has been very bullish and then just went parabolic and now we need to get a little bit of digestion into the market and people need to feel comfortable about going long in this market, as we have seen a bit of a drop after a big move higher Season
We are in the midst of earning season, so that of course comes into play. Interest rates had been rallying for a while. So, with higher interest rates, that you would think would put downward pressure on the stock market, but I think it all comes down to the US just being the place where people want to put their money to work.
The Dow Jones 30 of course will be heavily influential as far as the company's involved in it, as far as any type of stimulus or buildup of the infrastructure is concerned. I think ultimately, we've got a scenario where you're looking to see whether or not we get a little bit of a bounce in this area that we can take advantage of from a value perspective. This is a market that I think will continue to rally longer-term, but it might take a bit of effort to make that happen.
Ready to trade our daily stock market analysis & predictions ? Here are the best CFD brokers to choose from.
MENAFN18112024000131011023ID1108898538
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.