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MENAFN- Daily Forex) Potential signal:
I'm a buyer of the Dow Jones 30 in the United States if we break above the 45,100 level, with a stop loss at the 44,800 level. I'd be aiming for 46,000.
In my daily analysis of US indices, the Dow Jones 30 has been at the forefront, as it looks like we are going to continue to try to do everything we can to break out to the upside, despite the fact that the
market has probably been a little overdone to the upside for a while. Nonetheless, if we can break above the 45,100 level, then I think we have a real shot at more FOMO trading coming into this market, as traders will be looking to follow each and every surge higher.
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Despite the fact that the Federal Reserve doesn't seem to know what it's going to do next, the reality is that the stock market is looking forward, and assuming that the pro-business administration that has just taken over the reins of power in Washington DC will continue to be a major driver of growth in America. Ironically, the Advanced GDP numbers came out a little cooler than anticipated on Thursday, but not necessarily anything that was overly concerning. At this point, I think any pullback will more likely than not be looked at as value, as although the Federal Reserve seems clueless, the market seems like it wants to go higher, and at the end of the day that's really all that matters.
Pullbacks at this point in time will open up the possibility of a drop all the way down to the 43,500 level, which is an area that previously has been both support and resistance, but it also features the 50 Day EMA. That's an indicator that a lot of people will be paying close attention to, so I think you've got a situation where there's just too much support underneath to consider shorting this market. That being said, I also recognize that this could be one of the easiest trades to take if we do in fact break higher.
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