Dow Jones Technical Outlook – Levels, Lines to Watch in the Short-term

Dow Jones Technical Outlook – Levels, Lines to Watch in the Short-term

The Dow Jones is hovering in record territory with momentum tepid, however, this doesn’t mean the rally is ready to stall out. Bull markets can drift and frustrate both sides of the market. Holding above the prior record high at 31272 positions it to keep on rallying. Even if dips back below the old high, as long as price action isn’t pervasive weakness could be short-lived before price bounces back. Despite being at record levels there are a couple of lines in relative confluence to watch. A top-side trend-line from June and November intersect in the 31720/850 area. While not viewed as a major source of resistance given the generally bullish context, it could be enough to induce a pullback with price action lacking real power.

Equities Forecast

Recommended by Paul Robinson

Check out the Q1 Stock Market Forecast

Dow Jones Daily Chart (in record territory, watch top-side trend-lines)

Dow Jones daily chart

Dow Jones Chart by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

https://platform.twitter.com/widgets.js

Originally Posted on: https://www.dailyfx.com/forex/technical/home/analysis/spx500/2021/02/11/Dow-Jones-Technical-Outlook-Levels-Lines-to-Watch-in-the-Short-term-PRtech.html
By: Paul Robinson

Written by:

10,034 Posts

View All Posts
Follow Me :

Leave a Reply

%d bloggers like this: