Dow Jones Forecast Today 23/12: Recovers (Video)
Date
12/23/2024 2:22:49 PM
(MENAFN- Daily Forex)
The Dow Jones 30 initially fell during the early hours on Friday, as we continue to see a lot of noisy trading. People will continue to worry about the overall negativity. However, we have seen a complete turnaround during the course of the day and what I look at is the 50 day EMA above.
If we can break that, I think that could show a little bit of continuation. This is an area that people will be watching based upon technical analysis, and the fact that it has been important to more than once. Because of this, I expect to see“market memory” comes into play.
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The market has been a little bit of a laggard when it comes to us indices as of late, because before the sell off, it was dropping anyways. Nonetheless, we bounced from the 42,000 level, which is an area that I think will remain fairly important extending down to the 41,750 level. Anything below there would be very negative, but ultimately, I think you have to see this as a potential bottoming pattern.
If we can continue a little bit of momentum to the upside, that certainly helps. It is worth noting that the Friday session was a major options expiration day. So that could have had some focus on the indices as well. Now, keep in mind that we also have Christmas in the middle of this week. So, liquidity might be a little bit thin. Regardless, I have no interest in shorting this market anytime soon because obviously it's still very much in an uptrend. I do not expect this to be any different in the next few weeks, but we could see a bit of noise from time to time.
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