The Dow Jones May Hit 32500 If It Breaks Current All-time Highs

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The Dow Jones Industrial Average is hovering around the record highs attained on Wednesday, after data released by the Department of Labor showed that initial jobless claims had fallen from last week. Also, bets on more fiscal stimulus drove investors to snap up stocks listed on the index. 

As at the time of writing, the Dow had added 19 points and was up by 0.06%. Also helping the Dow was the rise of stocks such as MasterCard, which saw single-digit gains following its pledge to offer support for Bitcoin and some other cryptocurrencies later this year. 

Benefit claims for first-time unemployed Americans registered at 793K, which was less than the previous week’s 812K (an upward revision), and also came in less than the 755K that analysts predicted to indicate some level of progress in jobs returning to the US economy. Treasury Secretary Janet Yellen had said last week that she believed the US could return to full employment with an additional stimulus; a comment which spurred risky sentiment.


Technical Levels to Watch

31282 remains the nearest support. A pullback and bounce from this area could allow the Dow Jones index to target possible new highs at the 100% Fibonacci extension level at 32505. 

On the other hand, a dip below this support brings in 30585 into the picture, with 30101 and 29842 forming additional support levels for this asset. 

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Dow Jones Daily Chart

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